The Stel Salaried Pensioners Organization wishes to thank The Hamilton Spectator for permission to post the following article

published in the January 11, 2006 edition

No takeover offers made for Stelco: monitor

The Canadian Press
(Jan 11, 2006)

The monitor overseeing Stelco's bankruptcy protection says the steelmaker has received absolutely no takeover offers in the last few months.

That confirmation came one week before the steelmaker hopes a judge will approve its final restructuring plan.

Stelco has not been approached by, or received any expression of interest from, any party interested in buying the firm, court monitor Alex Morrison of Ernst & Young said late yesterday.

The Hamilton-based company's creditors approved its restructuring plan in December.

On Jan. 17, a sanction hearing will be held, where the company will seek approval from an Ontario Superior Court judge to begin implementing the plan so that it can emerge from its two-year bankruptcy protection process.

Shareholders, including Toronto investment firm Pollitt & Co. and AGF Management Ltd., are fighting the plan, which essentially wipes out Stelco's current stock.

The shareholders allege that Stelco's restructuring plan is based on overly pessimistic steel forecasts for 2006, which wipe out value in the company.

The monitor's report rejects some of the shareholders' concerns, saying that Stelco's forecasting processes have been thorough and comprehensive.