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Stelco-McMaster
Announces Scrap Surcharge

Jan. 21, 2004 — Stelco-McMaster Ltée has implemented another scrap surcharge of $40 per net ton on all bar products, above previous price increases or surcharges. This surcharge will be applied on all shipments beginning February 15, 2004. The situation will be evaluated on a monthly basis.

Marcel Francoeur, President and CEO of Stelco-McMaster, said, "The magnitude and the frequency of recent scrap cost increases are unprecedented. They are being triggered by world steel demand and the significant volume of scrap being exported from North America. This situation is having a major impact on electric arc steelmakers such as Stelco-McMaster."

Stelco-McMaster Ltée is a private and independent company whose shares are owned by Stelco Inc. It is a modern mini-mill located in Contrecoeur, Que., where it employs more than 400 qualified people. Stelco-McMaster supplies over 600 000 tons of quality bars and billets for the automotive, construction, service centre and railway industries. Over 60% of its production is sold outside Canada. An important recycler, Stelco-McMaster is also involved in ferrous and non-ferrous scrap metal recuperation and processing through Fers et Métaux Recyclés Ltée of Laprairie, Qué., and Cyclomet of Scoudouc, New Brunswick.

Stelco Inc. is Canada's largest and most diversified steel producer. Stelco is involved in all major segments of the steel industry through its integrated steel business, mini-mills, and manufactured products businesses. Stelco has a presence in six Canadian provinces and two states of the United States. Consolidated net sales in 2002 were $2.8 billion.

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