Stelco Inc. announced that the meeting of its creditors has been further adjourned until Wednesday, November 23, 2005. Meetings of creditors of Stelco’s subsidiaries will also be adjourned to the same date.

Creditors were to consider and vote on the company’s restructuring plan in the meeting that was scheduled for Monday. During the first meeting, however, the company recommended to the Court-appointed Monitor that an adjournment would allow continuation of the ongoing negotiations among stakeholders. The company said the additional time would also allow a plan to be filed and circulated prior to a vote on Wednesday. The Monitor exercised its discretion and allowed the adjournment.

Courtney Pratt, Stelco President and CEO, said, "We had hoped to achieve greater progress towards a consensual plan during the around-the-clock negotiations that have occurred in recent days. The number of stakeholder groups and issues, however, has prevented us from reaching an agreement.

"It's time to place a plan before affected creditors and to conduct the vote. While a consensus has yet to be reached, it can still be achieved. A consensual plan remains our goal. If necessary, however, we must and will take action in the interests of all stakeholders, the Company and the process. I hope that all parties will carefully consider the plan to be filed and voted upon. Its goal will be to treat stakeholders in a fair, reasonable and responsible manner. I hope stakeholders will also consider the uncertainty and diminished recovery that will result if the plan is defeated on Wednesday.

"This process can still have a positive outcome if stakeholders want it to happen. I urge all parties to make use of this final opportunity to reach a consensual agreement. The company's future, and the future of many stakeholders, depends on it."

Stelco acknowledged the importance of Friday, November 25, 2005 in this process. If a plan with sufficient stakeholder support has not been developed, the Court will hear motions on that date concerning alternative processes or procedures. This means that stakeholders other than the company will have the opportunity to place before the Court their own ideas on how the process should move forward.

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