Stelco Inc. has completed its sale of Stelpipe Ltd.’s assets to Lakeside Steel Corp. on October 31, 2005.

As a result of the transaction, Lakeside has assumed all of Stelpipe's obligations to its active employees retained by Lakeside. Stelco will assume all pension and benefit obligations with regard to Stelpipe's retirees. In addition, Lakeside entered into a steel supply agreement with Stelco.

Stelco says the transaction reflects its previously announced decision, as outlined in the four-point strategy announced in July 2004, to focus on its core integrated steel business.

Stelco announced on August 19, 2005 that it had entered into a definitive agreement for the sale of substantially all of the assets of Stelpipe to Romspen Investment Corp. That agreement was subsequently assigned to Lakeside Steel, a wholly owned subsidiary of Romspen. On September 6, 2005, the transaction was approved by the Court.

Stelco is a large, diversified steel producer involved in major segments of the steel industry through its integrated steel business, minimills, and manufactured products businesses.