March 23, 2006 — Stelco Inc.’s Court-appointed Monitor has filed its fifty-fifth report regarding the company's Court-supervised restructuring. The Report provides updated information regarding the steps that have been taken in recent weeks by Stelco, the Monitor and other relevant parties towards implementation of the restructuring plan under the Companies' Creditors Arrangement Act. The report also details the reorganization of Stelco's corporate structure under the Canada Business Corporations Act.

In its report, the Monitor notes that the parties have been working diligently towards that objective. This activity has entailed the resolution of outstanding issues and finalization of principal documents.

The Report adds that Stelco, the Monitor and other relevant parties are of the view that a plan implementation date of March 31, 2006 is achievable. The Monitor concludes by expressing the view that the extension of the stay period to March 31, 2006 continues to be appropriate under the circumstances.

Stelco is one of Canada's longest-established steel companies. It is currently in the final stages of a Court-supervised restructuring, a process that is designed to establish the company as a viable and competitive producer for the long term. The new Stelco will be focused on its two Ontario-based integrated steel businesses located in Hamilton and in Nanticoke, producing high quality value-added hot rolled, cold rolled, coated sheet and bar products.