Stelco Inc. has received a comprehensive proposal from a group of its bondholders, as well as several other expressions of interest. Stelco's Board of Directors, in consultation with its advisors, is actively reviewing the bondholder proposal.

The proposals had been solicited by Stelco as part of its capital raising process initiated under the company's Court-supervised restructuring.

Any proposal by the bondholder group, accepted by the company, will be subject to the court-approved capital raising process by which other potential bidders will be given access to due diligence material and the opportunity to submit alternative proposals.

Stelco will also continue with the sale of non-core assets under the process approved by the Court in October.

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 business.