Stelco Inc. has provided an update regarding the filing of financial statements and the timing of its Annual General Meeting of shareholders.

Having missed its original deadline for filing annual financial statements and related information, Stelco announced earlier this week that it would issue and file its financial results for year-end 2004 on April 11, 2005. The company plans to file a Default Status Report every two weeks throughout the filing default period. Such reports are to disclose, among other things, any material change in the information announced on March 24, 2005 and the related material change report filed by the company. At this time, Stelco reports that there have been no material changes to the information contained in Stelco's news release of March 24, 2005. The company also stated that it is not aware of any material information concerning its affairs that has not been generally disclosed.

Stelco also confirmed that it received an exemption from the Toronto Stock Exchange for the requirement to hold an Annual General Meeting of shareholders for fiscal 2004. This meeting was originally to have been held by June 30, 2004. The Ontario Superior Court of Justice had also granted an Order on April 13, 2004 relieving the company of the obligation to hold such meeting, and directed that the next Annual General Meeting be held within three months after Stelco's emergence from its current Court-supervised restructuring process.

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.