The Stel Salaried Pensioners Organization wishes to thank The Hamilton Spectator for permission to post the following article published in the May 26, 2004 edition

May. 26, 2004. 12:53 AM

Stelco has buyers for Welland Pipe

Stelco has found buyers for its spiral pipe mill at Welland Pipe.

The steelmaker has asked the judge overseeing its bankruptcy protection to allow Pittsburgh-based Sherman International Corp. and Welspun Gujarat Stahl Rohren Ltd., of India, to buy the mill. They plan to move the equipment to India.

Before March 2003, Stelco used Welland Pipe to make large transmission pipe for the oil and gas industry.

This March, Stelco asked all parties interested in the mill to submit a final bid by May 7. Yesterday, Stelco signed an agreement with the buyers.

The steelmaker has asked the judge to keep details of the sale secret until the transaction is closed.

In 2000, sales for Welland Pipe were $104 million. In 2001, they fell to $49 million.

Welland Pipe is separate from Stelpipe, another Stelco subsidiary in Welland.