March 26, 2007 — Stelco Inc. has completed several amendments to its current $600-million asset-based revolving credit facility, including provision for the opportunity to lower the corporation’s overall financing costs in the future.

As a result of the amendments, the term for the revolving credit facility has been extended to 2012, and availability under the facility has been increased.

“These amendments to our loan arrangements are very positive for Stelco as they provide a longer term debt structure and they will likely lead to lower financing costs in the future,” stated Rodney Mott, Stelco President and CEO. “We appreciate the full cooperation of our lenders in working with the company to complete these new arrangements."

Stelco’s facility is being provided by a banking syndicate led by CIT Business Credit Canada Inc. and GE Capital Markets, Inc. The banking syndicate also includes Bank of America, NA, Canada Branch, GMAC Commercial Finance Corp.—Canada, LaSalle Business Credit, UBS AG Canada Branch, and Wells Fargo Financial Corp. Canada.

Stelco, one of Canada's largest steel companies, is focused on its two Ontario-based integrated steel businesses located in Hamilton and in Nanticoke. These operations produce high quality value-added hot rolled, cold rolled, coated sheet and bar products.

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