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Stelco-McMaster Ltée Changes Name

Jan. 27, 2004 — The Board of Directors of Stelco-McMaster Ltée announced, effective January 21, 2004, the company has changed its name to Norambar Inc.

Marcel Francoeur, President and CEO, stated, "The new name, Norambar, stresses our determination to further penetrate special bar quality markets across North America. More than 60% of our sales of bars and billets are outside Canada. This will likely grow. Our competent workforce operates our modern facilities in a spirit of continuous improvement. We are truly a preferred North American Bar supplier."

Norambar Inc. is a private and independent company whose shares are owned by Stelco Inc. It is a modern mini-mill located in Contrecoeur, Qué., where it employs more than 400 qualified people. Norambar supplies over 600,000 tons of quality bars and billets for the automotive, construction, service center and railway industries. Over 60% of its production is sold outside Canada. An important recycler, Norambar 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, minimills, 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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