Stelco Inc.’s court-appointed Monitor has filed its thirty-first Report regarding the company's Court-supervised restructuring. The Report provides updated information regarding the mediation process initiated by Court Order on May 19, 2005. The Monitor notes that the mediator, the Hon. George Adams, began holding one-on-one meetings with stakeholders on May 24. That process is continuing.

The Monitor also notes that certain information provided to stakeholders by Stelco on a confidential basis under confidentiality agreements has been reported in the news media. The Monitor indicates that Stelco has advised it that most of the reported information was contained in the plan outline or related supporting documents dated May 12, 2005, intended only for specified stakeholders on a confidential basis.

The Report notes that Stelco cautions against relying on the projected financial information contained in such documents for several reasons. Among them, the forecast information was in many cases prepared to reflect the implementation of Stelco's restructuring plan outline.

Stelco has further stated that it cautions against relying on media-reported information about Stelco's planned restructuring or financial condition unless the information is based on a publicly disseminated news release issued by Stelco. This will ensure that appropriate assumptions and context can be provided by the company with the information.

Regarding the sale of the company’s plate mill assets, the Monitor notes that the purchaser under an agreement of purchase and sale did not close the transaction on April 15, 2005. The Report adds that Plateco (a wholly owned subsidiary of Stelco which owns the plate mill assets) and the purchaser have continued to work together and have entered into a new agreement of purchase and sale for the plate mill assets.

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.