Stelco Inc.’s court-appointed Monitor has filed its thirty-fourth report regarding the company's Court-supervised restructuring. The Report provides the Court with updated information regarding the process for the filing of and determination of claims by the USW International and USW Locals 8782 and 5328.

The Report also advises that the rapidly changing dynamics of the North American steel market have affected Stelco's internal financial forecasts, and that further updated forecasts are expected to be provided to stakeholders on a confidential basis in due course.

Commenting on meetings between Stelco and stakeholders commencing the week of July 18, 2005, the Monitor indicates that the discussions have allowed Stelco to explain its Plan Outline and to discuss considerations and rationale for the Plan Outline with stakeholders. The Report expresses the view of the Monitor that the discussions have been productive and further meetings are advisable.

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.