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

published in the March 1, 2006 edition

Stelco needs more time: bankruptcy monitor

The Canadian Press
HAMILTON (Mar 1, 2006)

It may take Stelco Inc. until March 31 to emerge from its two-year bankruptcy protection process.

The court monitor in Stelco's bankruptcy restructuring is urging the court to extend the stay period granted to the steelmaker to March 31, Stelco said yesterday. The stay would otherwise expire at midnight March 3.

According to documents filed by the monitor, the stakeholders in the restructuring process have committed to a timetable that would see the finalization of principal documents and a pre-closing take place on March 17, Stelco said. The restructuring plan would be implemented March 31.

"In recommending that the application for a stay extension be granted, the monitor states its belief that the parties have been working diligently towards plan implementation, that a plan implementation date of March 31, 2006 is achievable," Stelco said in a release.

The steelmaker had been hoping to emerge by Feb. 28, but in early February, lawyers asked the court for permission to aim for March 31 as the date to exit bankruptcy protection.