After a weekend of round-the-clock discussions, United Steelworkers' local unions representing workers at Stelco Inc. operations in Alberta, Ontario and Quebec came to an understanding with Russian steelmaker Severstal to continue talks with the Steelworkers to completion.

The following statement will be included with Severstal's bid to purchase Stelco Inc.:

"We are encouraged by Severstal's approach in a number of areas and we have made substantial progress on a number of critical issues. We are prepared to attempt to reach a complete agreement shortly."