Stelco Inc.’s court-appointed Monitor has filed its Nineteenth Report regarding the company's Court-supervised restructuring. The Report outlines progress in the company’s capital raising and asset sale process, and the retired salaried employees' request for a bid review committee.

In its report, the Monitor states its view that significant interest was generated by the Court-approved capital raising and asset sale process. During this process the Monitor oversaw the process and provided updates to the Court. Either the Monitor or UBS (the company's Court-confirmed financial advisor) attended all substantial meetings between Stelco management and bidders. The Report expresses the Monitor's belief that all meetings it attended were conducted in a manner consistent with the Court-approved process.

The Monitor indicates that it has been conducting an independent review of the bids submitted by the deadline of February 14, 2005 and that it has presented reports to Stelco's Board of Directors with respect to the offers.

The Monitor also notes that, to ensure that the interests of stakeholders are taken into account before the Board makes a decision in respect of any offer, the company has contacted each stakeholder group and offered to discuss with them on a confidential basis the general aspects of the bids that are relevant to their interests.

The Monitor's Report also addresses the issue of delivery of offers to the Court on a sealed basis, and the retired salaried employees' request for a bid review committee.

Full text of the Monitor’s Nineteenth 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.