Stelco Inc.’s court-appointed Monitor has filed its Fourteenth Report regarding the company's Court-supervised restructuring. The Report outlines a proposed creditors' claims process and provides an update on Stelco's asset sale process.

The Report notes that the Monitor, in conjunction with Stelco, has developed a creditors' claims process and will seek the Court's approval regarding a Claims Procedure Order at a hearing currently proposed to be held on December 17, 2004.

The proposed procedure will govern the submission, review and determination of certain creditors' claims. Starting the process now will aid Stelco’s development of a Plan and will facilitate the holding of meetings of creditors in a timely manner once such a Plan has been developed.

The Report notes that, with the exception of certain types of claims that will not be subject to the process at this stage of the proceedings, Stelco proposes that any creditor asserting a claim arising on or before the date of the Claims Procedure Order being sought will be required to file a proof of claim with the Monitor by 5:00 p.m. on January 31, 2005.

The Monitor indicates in the Report that it believes it is appropriate to commence a claims process at this time and recommends that the Court approve the proposed claims process.

Full text of the Report can be accessed through links available on the Court Monitor’s website or Stelco's website.

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