Media Release
HAMILTON, Ontario, July 13, 2004 – Stelco Inc. (TSX:STE) commented
today that the strike at Wabush Mines will not impact Stelco’s steel
production.
Wabush
Mines, one of Stelco’s raw material suppliers, is an iron ore operation in
Labrador and Quebec jointly owned by Stelco (44.6%), Dofasco (28.57%) and
Cliffs Mining (26.83%). Cliffs Mining,
which is a subsidiary of Cleveland Cliffs of Cleveland, Ohio the largest
producer of iron ore pellets in North America, manages the day-to-day
operations of the facility. On July 5,
2004, 575 members of Local 6285 of the USWA went on strike putting the
operation on idle.
“Because
we have committed purchases and secure supply from other
mining properties in which Stelco holds an ownership interest, our steel production
should not be affected through the balance of 2004,” said Stelco Chief
Operating Officer, Colin Osborne.
Stelco
Inc. consumes approximately 5,300,000 tons of iron ore pellets per year. The
Company owns substantial interests in iron ore properties in Canada and the
United States to ensure supply.
Ownership sources constitute about 75 – 80% of total requirements. The
balance is sourced from other suppliers.
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.
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For additional information, please contact:
Helen
Reeves
(905) 528-2511, Extension 4987