The Stel Salaried
Pensioners Organization wishes to thank The Hamilton Spectator for permission
to post the following article, published in the November 10, 2005 edition
The Hamilton
Spectator
(Nov 10, 2005)
Stelco will report its third- quarter
earnings today against a background of slowly recovering steel prices.
Whether those prices have recovered
enough to allow the struggling giant to report a clear profit, however, remains
an open question.
"Steel prices bottomed in August
and rose a bit in September," said analyst Jarrett Bilous, of Dominion
Bond Rating Service. "Some producers even announced price hikes for
October. Things are improving a little bit, but the outlook still remains
uncertain in terms of prices."
Steel prices have been a critical
question for Stelco during its 22 months of creditor protection. Soaring prices
in 2004 and much of this year allowed Stelco to report healthy profits despite
being legally insolvent. The downturn in prices following the first quarter of
this year have left Stelco relying on asset sales to stay profitable.