Steel News

Stelco Revises Earnings Guidance

03 June 2005 - Stelco Inc. has adjusted its earnings expectations for the second quarter of 2005. The company says that while it continues to expect solid performance from a historical perspective, second quarter operating earnings are now expected to be considerably below the level of the first quarter of 2005. The decrease is attributed primarily to lower spot market prices, higher energy costs and the flow-through of higher-cost inventory produced in the first quarter.

Stelco Court Monitor Files 31st Report

31 May 2005 - Stelco Inc.’s court-appointed Monitor has filed its thirty-first Report regarding the company's Court-supervised restructuring. The Report provides updated information regarding the mediation process initiated by Court Order on May 19, 2005. The Monitor notes that the mediator, the Hon. George Adams, began holding one-on-one meetings with stakeholders on May 24. That process is continuing.

Stelco Comments on Court Directives on Mediation

20 May 2005 - Stelco Inc. has commented on decisions made by the Superior Court of Justice (Ontario) following a hearing held earlier this week in the matter of the Company's Court-supervised restructuring.

Stelco Court Monitor Files 30th Report

19 May 2005 - Stelco Inc.’s court-appointed Monitor has filed its thirtieth Report regarding the company's Court-supervised restructuring. The Report provides updated information regarding the proposal for a mediation process, which was originally outlined in the Monitor's 29th Report.

Stelco Court Monitor Files 29th Report

13 May 2005 - Stelco Inc.’s court-appointed Monitor has filed its twenty-ninth Report regarding the company's Court-supervised restructuring. The Report provides updated information regarding Stelco’s first quarter results and strategic capital expenditures.

Stelco Reports 1st Quarter Earnings

10 May 2005 - Stelco Inc. reported record net earnings of $49 million on net sales revenue of $968 million for the first quarter ended March 31, 2005.

Court Approves Sale of Stelco Welland U&O Mill

05 May 2005 - Stelco Inc. announced that the Superior Court of Justice (Ontario) has approved the sale of Welland Pipe's U&O Mill to Grinolet Inc.

Stelco Court Monitor Files 28th Report

03 May 2005 - Stelco Inc.’s court-appointed Monitor has filed its twenty-eighth Report regarding the company's Court-supervised restructuring. The Report provides updated information regarding the sale of Welland Pipe's U&O Mill. The Monitor reports that Stelco will seek a Court Order on May 4, 2005 approving the sale of the Mill to Grinolet Inc.

Oregon Steel Mills Reports 1st Quarter Results

29 April 2005 - Oregon Steel Mills, Inc. reported net income of $28.4 million on sales of $296 million for the first quarter of 2004.

Court Grants Stelco Extension of Stay

27 April 2005 - Stelco Inc. applied for and was granted an Order of the Superior Court of Justice (Ontario) extending the stay period under its Court-supervised restructuring until July 8, 2005. The stay period was previously scheduled to expire on April 29, 2005.

Stelco Court Monitor Files 26th Report

26 April 2005 - Stelco Inc.’s court-appointed Monitor has filed its twenty-sixth Report regarding the company's Court-supervised restructuring. The Report provides an update on Stelco’s operations and finances, including a first-quarter production and shipping summary by business operation, a review of market and pricing conditions, cash flow results for the period January 29, 2005 to April 15 of this year, and cash flow forecasts for the period April 16, 2005 to July 8, 2005. Additional portions of the Report review previously announced developments.

Stelco and USWA Reach Agreement on Near Term Plans

22 April 2005 - Stelco Inc. has reached agreement with the USWA on the next steps in the company's capital raising process and restructuring. The agreement was submitted to and approved by the Superior Court of Justice (Ontario) on Thursday, April 21, 2005.

Steelworkers Urge Hamilton City Council to Adopt Motion on Stelco

20 April 2005 - The United Steelworkers is pleased with a motion passed Tuesday by the Hamilton City Council’s Planning and Economic Development Committee urging Stelco Inc. to consent to the Steelworkers' appointment of Tricap Management Limited as a financial advisor for the purpose of recapitalizing Stelco.

Steelworkers Preparing Plan to Save Stelco

14 April 2005 - The United Steelworkers of America has signed a letter of intent with Tricap Management Limited (Brascan Corp.'s restructuring fund) to work together on a C$1.35 billion plan to recapitalize Stelco Inc., and remove the company from protection under the Companies' Creditors Arrangement Act (CCAA).

Stelco Reports Fourth Quarter and Full Year Results

12 April 2005 - Stelco Inc. released its 2004 Audited Consolidated Financial Statements together with Management's Discussion and Analysis, which outlines the corporation's financial results and condition. Stelco also released its Annual Information Form (AIF). In its statements, Stelco reported net earnings of $1 million for the fourth quarter, and net earnings of $65 million for the year ended December 31, 2004.

Stelco Details Game Plan for Financial Reporting, Annual Meeting

07 April 2005 - Stelco Inc. has provided an update regarding the filing of financial statements and the timing of its Annual General Meeting of shareholders.

Stelco Authorized to Access Capital Markets

31 March 2005 - Stelco Inc. has received Court authorization to access the capital markets in pursuit of new capital in the form of equity or a combination of debt and equity.

Stelco Seeks Approval to Sell Interest in Camrose Pipe

25 March 2005 - Stelco Inc. has applied for a Court order approving the sale by Stelcam Holdings Inc., a wholly-owned subsidiary of Stelco, of its partnership interest in Camrose Pipe Co. to Canadian National Steel Corp. (CNSC). CNSC, an indirect subsidiary of Oregon Steel Mills Inc., is the other partner in the Camrose Pipe Partnership.

Stelco Offers Operating Earnings Estimate

09 March 2005 - Stelco Inc. has issued preliminary unaudited operating results for the fourth quarter and year 2004, as well as commentary on estimated 2005 results. The company cautions that the estimates are unaudited and do not include possible adjustments to operating earnings that may be required as a result of the capital raising and sales process, the claims reconciliation process or other matters that may arise prior to finalization of Stelco's 2004 financial statements.

Steelworkers Applaud Reassurance on Sale of Stelco Subsidiaries

04 March 2005 - The United Steelworkers is pleased with Stelco Inc.'s agreement to not proceed with the sale of one or more of its subsidiaries, whose hourly employees are represented by the union.