The Stel Salaried Pensioners Organization wishes to thank The Hamilton Spectator for permission to post the following article published in the December 31, 2004 edition

Dec. 31, 2004. 05:00 PM

Stelco subsidiary AltaSteel completes purchase of pipe processing facility

EDMONTON (CP) - AltaSteel Ltd., a subsidiary put up for sale by restructuring steelmaker Stelco Inc., has finalized its purchase of a pipe processing facility in southeast Edmonton.

AltaSteel said Friday it has completed its deal to buy the 28,000-square-foot plant from oilfield drilling pipe supplier Grant Prideco Canada Ltd.

The plant had been used for pipe processing, machining, and heat treating operations, but was permanently closed in May by Grant Prideco.

AltaSteel acquired the land and building, as well as equipment used for heat treating. The price was not disclosed.

The wholly owned subsidiary and other Stelco divisions are up for sale by the parent firm, based in Hamilton, as it looks to raise capital to help it emerge from bankruptcy protection.

The AltaSteel mini-mill produces over 300,000 tons of steel a year and employs 350 people