Stelco Inc. announced that it will relocate its corporate offices from 100 King Street West in Hamilton to the company's Hamilton plant. The move is expected to produce annual savings of $4.5 million beginning in 2005.

Corporate personnel will occupy vacant or reconfigured office space at Hamilton Works, in the Technical Services Building, and the Hamilton General Office on Wilcox Street. It is expected that the space will be fully prepared within the next six to eight weeks.

Courtney Pratt, Stelco's President and CEO, said, "This is the right move at the right time and for the right reasons. It will save money, bring our corporate decision-making closer to our operations and contribute toward our restructuring process. It reflects our commitment that all segments of the company must share in the cost reduction needed if our restructuring is to succeed."

Pratt added, "Our corporate offices moved from Hilton Works to King Street in 1973, so this is a return home in many respects. It's also the responsible thing to do in light of our current situation.

"We also intend to be responsible in the way we communicate with our employees as this move unfolds. We will provide them, and our corporate personnel in particular, with details about the move as they become clear. These details will cover timing, workplace configuration, services associated with the new space and answers to any questions that arise as we move through this process."

Stelco intends to complete the move, which will involve some 300 personnel, by the end of this year.

Stelco Inc. is a large, diversified steel producer involved in all major segments of the steel industry through its integrated steel business, mini-mills, and manufactured products businesses. Consolidated net sales in 2003 were $2.7 billion.