Stelco Inc. (ticker: STE.to, exchange: Toronto Stock Exchange) News Release - 5/20/2004
Stelco comments on Government Notice of Motion
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HAMILTON, ON, May 20,
2004 (Canada NewsWire via COMTEX) -- Stelco Inc. (TSX:STE) ("the
Company") commented this evening on a Notice of Motion filed this
afternoon by the Government of Ontario. The Ministry of Labour is seeking the
Court's direction on and, if the Court deems it appropriate, an Order
regarding the Ministry's ability to appoint a Conciliation Officer within the
context of the collective bargaining negotiations at Stelco's Lake Erie
plant. The Notice of Motion is
the result of a request by USWA Local 8782 to the Ministry for the
appointment of a Conciliation Officer in the matter of its collective bargaining
agreement with the Company. Hap Stephen, Stelco's
Chief Restructuring Officer, said, "We have just received the Notice of
Motion and the extensive Motion Record filed with it. We will review the
documents, discuss their significance, and determine what, if any, additional
response is required on our part. "The government's
action provides all parties with the opportunity to resolve this matter, in
Court, and within the context of the restructuring process. "Our position has
been consistent from the outset. We do not believe that the appointment of a
Conciliation Officer is appropriate within the context of a Court-supervised
restructuring process. We believe that, in light of the Company's current
circumstances, it would be more appropriate to discuss the Lake Erie
collective bargaining agreement in the context of the broader discussions we
will be having with all stakeholders in our restructuring process. This
process involves more parties than management and labour alone, and more
issues than a collective bargaining agreement with one of our union Locals. "As the Company
noted a week ago, if the recruitment of a neutral third party would afford
the opportunity to achieve the start of meaningful discussions, then we would
certainly be open to it. The success of our restructuring process rests on
the participation of all of our stakeholders and their willingness to
contribute to a positive outcome." 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 For further information: Corporate Affairs, (905) 528-2511, Extension 4070 |
Document Source: Stelco Inc. Website www.stelco.ca (Media Releases)