Stelco Inc.’s court-appointed Monitor has filed its twenty-eighth Report regarding the company's Court-supervised restructuring. The Report provides updated information regarding the sale of Welland Pipe's U&O Mill. The Monitor reports that Stelco will seek a Court Order on May 4, 2005 approving the sale of the Mill to Grinolet Inc.

The Report notes that the purchase price is in excess of the independent liquidation appraisal values provided by Danbury Sales Inc. The Monitor adds that Stelco will ask the Court to seal the portion of the agreement of purchase and sale containing the purchase price until the transaction has closed.

In its Report the Monitor recommends that the Court approve the sale on the grounds that Stelco adequately canvassed the market for prospective purchasers, the purchase price is fair and commercially reasonable, and the sale represents the best recovery for Welland Pipe stakeholders.

The Report notes that Welland Pipe's operations were closed in March 2003 due to the lack of demand for very large diameter pipe. As noted previously, Welland Pipe's land and buildings have been listed for sale with a listing price of $4 million.

The full text of the Report can be accessed through a link available on Stelco's website.

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