Courtney Pratt, President and CEO Comments on Stelco Financial Position
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HAMILTON, ON, May 07,
2004 (Canada NewsWire via COMTEX) -- Stelco Inc. (TSX:STE) Commenting on its
financial position today looking forward into the second quarter 2004, Stelco
President and Chief Executive Officer, Courtney Pratt, advised that, "We
expect to be cash positive in the second quarter reflecting selling prices
for most steel products which are at an all-time high. This kind of pricing
is having a positive short-term impact on our results. However, we believe
that this level of pricing is not sustainable. "It remains a very
high priority to restructure this company to become a competitive, viable
entity that generates sufficient income and cash flow in all market conditions
in order to attract the investment needed to complete critical capital
upgrades. Today, we are not able to raise capital." Stelco Inc. is large,
diversified steel producer. Stelco is involved in all major segments of the
steel industry through its integrated steel business, mini-mills, and
manufactured products businesses. Consolidated net sales in 2003 were $2.7
billion. This news release may
contain forward-looking information with respect to the Corporation's
business operations, financial performance and conditions. Actual results may
differ from expected results for a variety of reasons including factors
discussed in the Corporation's Management's Discussion and Analysis section
of the Corporation's 2003 Annual Report. To learn more about
Stelco and its businesses, please refer to our Web site at www.stelco.ca. %SEDAR: 00001549E VIEW ADDITIONAL
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Releases)