The Stel Salaried Pensioners Organization wishes to thank The Hamilton Spectator for permission to post the following article published in the January 29, 2005 edition

Jan. 29, 2005. 01:08 AM

Stelco's year in bankruptcy protection:

January

*Stelco files for bankruptcy protection under the Companies' Creditors Arrangement Act. That protection is granted later the same day by Justice James Farley.

February

*The United Steelworkers meet with Premier Dalton McGuinty, telling him that Stelco will use bankruptcy protection to slash workers' wages and pensions.

March

*The Steelworkers challenge Stelco's insolvency in court. Justice Farley rules again that the steelmaker is entitled to bankruptcy protection.

April

*Stelco warns that its failure could cost Ontario up to 24,500 jobs and $1.9 billion in wages. It adds that the government could lose more than $1 billion in taxes.

May

*The Ontario Court of Appeal declines to hear the United Steelworkers' case against Stelco's bankruptcy protection.

June

*With the help of a mediator, Stelco and its union start to negotiate a new collective agreement for 1,000 workers at the Lake Erie plant.

*The Steelworkers begin preparing a case to take to the Supreme Court of Canada, arguing once more against Stelco's court protection.

July

*Stelco reveals its revitalization plan. It includes selling off subsidiaries and slashing product lines.

August

*The steelmaker announces second quarter earnings of $42 million. The profits bolster the union's claims that Stelco was not insolvent.

September

*Justice Farley walks out of a Toronto courtroom after being heckled by Steelworkers.

October

*Lake Erie issues a 90-day warning of a possible strike.

*Russian steel giant Severstal hires a lawyer for Stelco's case, making its interest in Stelco known.

November

*Stelco announces it made $58 million in the third quarter.

*Stelco negotiates a $900 million refinancing deal with Deutsche Bank, a major bondholder. The deal requires no concessions from workers or pensioners, and no help from the government.

*General Motors, Stelco's biggest customer, decides to buy its steel elsewhere for 2005, citing the possibility of a strike.

*U.S. Steel turns up in Stelco's courtroom, making its interest public.

*Stelco and the Steelworkers' Lake Erie local abandon contract negotiations.

*Justice Farley approves the deal with Deutsche Bank, which becomes the floor bid for others to top.

December

*Algoma makes its interest in buying Stelco known on the same day that Sherritt International and The Ontario Teachers' Pension Plan go public with their joint proposal for the steelmaker.

January 2005

*Jim Arnett, steel adviser to Premier Dalton McGuinty, makes it known that the government wants bidders for Stelco to come up with a plan that addresses the steelmaker's pension deficit of about $1 billion.

*Stelco announces that there are six bidders in the race to top Deutsche Bank. Final proposals are due Feb. 14.