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Stelco Stay Extended to January 31, 2006

12/13/2005 - The Superior Court of Justice (Ontario) has granted an Order to Stelco Inc. extending the stay period under its Court-supervised restructuring until January 31, 2006.

The Superior Court of Justice (Ontario) has granted an Order to Stelco Inc. extending the stay period under its Court-supervised restructuring until January 31, 2006.

Stelco’s Court-appointed Monitor filed its 43rd Report on the company’s Court-supervised restructuring on Monday.

In its report, the Monitor expressed the view the extension would be in the interests of all stakeholders.

This period would allow Stelco to take the steps necessary to seek Court approval of the restructuring plan approved by affected creditors on December 9, 2005.

Courtney Pratt, Stelco President and CEO, said, "This extension provides us with the time to seek the Court's approval of the plan that was accepted by affected creditors on Friday. If that approval is granted, we can then begin the process of emerging from Court protection."

During its hearing on Monday, the Court also approved the previously-announced sale of Norambar Inc., Stelfil Ltée. and Stelwire Ltd. to Mittal Canada Inc.

The Court's sanction hearing to consider the plan that was approved by affected creditors will occur on January 17, 2006.

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