Stelco Inc. (ticker: STE.to, exchange: Toronto Stock Exchange) News Release - 5/13/2004
Stelco comments on government statement
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HAMILTON, ON, May 13,
2004 (Canada NewsWire via COMTEX) -- Stelco Inc. (TSX:STE) today commented on
the announcement by the Ontario government offering to assist in identifying
a neutral third party to start discussions between the Company and its United
Steelworker of America locals. Courtney Pratt, Stelco
President and Chief Executive Officer, said: "If the recruitment of a neutral
third party affords an opportunity to achieve the start of meaningful
discussions, then we are certainly open to it. As all of our stakeholders
know, the success of this process rests on all of their participation and a
willingness of all to contribute. Without that, this company will not be
positioned for survival." "The terms of
reference for any such third party will be extremely important. We must
remember that this process must ultimately include not only the Company and
its unions, but the many other stakeholders who have a role to play in the
restructuring process and a vote in shaping the outcome. "We will continue
our efforts to bring all representatives to the same table. As always, we are
open to any suggestions and assistance that will achieve this goal in the
interest of our employees, retirees, the community and other
stakeholders." Stelco Inc. is a 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 COMPANY-SPECIFIC INFORMATION: http://www.newswire.ca/en/releases/orgDisplay.cgi?okey=23131 |
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Source: Stelco Inc. Website www.stelco.ca (Media Releases) |