Feb. 28, 2006 — Stelco Inc. announced that it has been in discussions with the Toronto Stock Exchange (TSX) concerning requests from the TSX to delist the company's common shares. Discussions are ongoing.

As disclosed on previous occasions, and as reflected in Stelco's approved restructuring plan, there is insufficient value in the company under the plan to provide recovery for the current common shareholders. As a result, the
existing common shares will be eliminated on plan implementation with no value being attributed to them.

Stelco advised that it expects to file a delisting application with the Toronto Stock Exchange as soon as it is confident with respect to the satisfaction of all major business issues relating to implementation of the company's restructuring plan. Stelco anticipates that it will be able to make this determination on or about March 2, 2006, in which case a delisting application is expected to be filed shortly thereafter.

Stelco is one of Canada's longest-established steel companies. It is currently in the final stages of a Court-supervised restructuring, a process designed to establish the company as a viable and competitive producer for the long term. The new Stelco will be focused on its Ontario-based integrated steel business located in Hamilton and in Nanticoke. These operations produce high quality value-added hot rolled, cold rolled, coated sheet and bar products.