|
Latest News:
|
Stelco Reports 2nd Quarter Results
Jul. 26, 2007 - Stelco reports EBITDA of $53 million and a $19-million net loss before income tax, showing solid improvements over the previous quarter.
|
|
Cleveland-Cliffs, Stelco Agree to Sell Wabush Interest
Jun. 7, 2007 - Cleveland-Cliffs and Stelco have entered an agreement to sell their 26.8% interest and 44.6% interest, respectively, in the Wabush Mines joint venture to Consolidated Thompson Iron Mines for $64.3 million cash, 3.0 million warrants of common shares, and Consolidated’s assumption of ongoing employee and asset retirement obligations.
|
|
|
|
Stelco Confirms Strategic Review
Jun. 4, 2007 - Stelco confirmed that it is reviewing strategic options, including third-party discussions that are at “a very preliminary stage”.
|
|
Stelco Completes Refinancing of US$270 Million Term Loan
May 10, 2007 - Stelco has completed a US$270 million funded term loan refinancing with GE Corporate Lending Canada that refinances the comapny's Cdn$375 million revolving term loan with a more traditional facility that has significantly lower interest rates and fees.
|
|
Stelco Reports Improved Results for 1st Quarter
May 1, 2007 - Stelco reported EBITDA of $13 million and a $35-million loss before income tax of for the first quarter ended March 31, 2007, a substantial improvement over the negative $82-million EBITDA and $145-million loss before income tax reported in the fourth quarter 2006.
|
|
Stelco Proposes Term Loan Refinancing
Apr. 10, 2007 - Stelco Inc. has entered into a commitment letter with GE Corporate Lending Canada regarding a proposed refinancing of Stelco's existing revolving term loan.
The proposed refinancing would r
|
|
|
|
Stelco Upgrades Revolving Credit Facility
Mar. 26, 2007 - March 26, 2007 — Stelco Inc. has completed several amendments to its current $600-million asset-based revolving credit facility, including provision for the opportunity to lower the corporati
|
|
|
|
Stelco Reports Results for 2006
Mar. 8, 2007 - March 8, 2007 — Stelco Inc. reported a loss before income taxes of $145 million for the fourth quarter of 2006, which compares to a net loss of $103 million for the fourth quarter of 2005.
|
|
Arcelor Mittal Reports Pro Forma 2006 Results
Feb. 23, 2007 - Feb. 23, 2007 — Mittal Steel Co. NV announced pro forma net income of $US 2.37 billion on sales of $US 23.2 billion for the fourth quarter, and pro forma net income of $US 7.97 billion on sales of $US 88.6 billion for the twelve months ended December 31, 2006.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stelco Emerges from Restructuring
Apr. 3, 2006 - April 3, 2006 — Stelco Inc. emerged from its Court-supervised restructuring as of midnight at the end of March 31, 2006. The company had satisfied the conditions to implementatio
|
|
|
|
|
|
Stelco Issues Restructuring Update
Mar. 28, 2006 - March 28, 2006 — Stelco Inc. issued an update regarding finalization and approval of principal documents required for the implementation of its restructuring plan, expected to oc
|
|
Stelco Reports 4th Quarter Results
Mar. 27, 2006 - March 27, 2006 — Stelco Inc. released its 2005 Audited Consolidated Financial Statements together with Management's Discussion and Analysis, which outlines the corporation's fina
|
|
Stelco Court Monitor Files 55th Report
Mar. 23, 2006 - March 23, 2006 — Stelco Inc.’s Court-appointed Monitor has filed its fifty-fifth report regarding the company's Court-supervised restructuring. The Report provides updated
|
|
|
|
Stelco Common Shares Delisted
Mar. 15, 2006 - March 15, 2006 — Stelco Inc. confirmed that, as it had requested, its common shares were delisted from the Toronto Stock Exchange as of the close of trading on Friday, March 10,
|
|
|
|
|
|
|
|
Stelco to Seek Delisting of Common Shares
Mar. 6, 2006 - March 6, 2006 — Stelco Inc.’s Board of Directors has approved a resolution authorizing an application for delisting the company's current common shares from the Toronto Sto
|
|
|
|
Stelco Court Monitor Files 52nd Report
Mar. 1, 2006 - March 1, 2006 — Stelco Inc.’s Court-appointed Monitor has filed its fifty-second report regarding the company's Court-supervised restructuring. The Report recommends that t
|
|
TSX Requests Delisting Application from Stelco
Feb. 28, 2006 - Feb. 28, 2006 — Stelco Inc. announced that it has been in discussions with the Toronto Stock Exchange (TSX) concerning requests from the TSX to delist the company's common shares
|
|
Stelco Court Monitor Files 51st Report
Feb. 24, 2006 - Feb. 24, 2006 — Stelco Inc.’s Court-appointed Monitor has filed its fifty-first report regarding the company's Court-supervised restructuring. The Report provides updated i
|
|
|
|
|
|
|
|
|
|
Stelco Issues Additional Restructuring Update
Jan. 30, 2006 - Jan. 30, 2006 — Stelco Inc.’s Court-appointed Monitor has filed its forty-ninth report regarding the company's Court-supervised restructuring. The Report provides updated i
|
|
|
|
Stelco Court Monitor Files 48th Report
Jan. 23, 2006 - Jan. 23, 2006 — Stelco Inc.’s Court-appointed Monitor has filed its forty-eighth report regarding the company's Court-supervised restructuring. The Report provides updated
|
|
Court Approves Stelco’s Restructuring Plan
Jan. 23, 2006 - Jan. 23, 2006 — The Superior Court of Justice (Ontario) has sanctioned and approved Stelco Inc.’s restructuring plan.
The Court indicated its view that Stelco has b
|
|
Stelco Issues Restructuring Update
Jan. 20, 2006 - Jan. 20, 2006 — The sanction hearing for Stelco Inc.’s CCAA restructuring plan, which began on Tuesday, January 17, 2006, was adjourned Wednesday afternoon, January 18. Whi
|
|
Stelco Court Monitor Files 47th Report
Jan. 17, 2006 - Jan. 17, 2006 — Stelco Inc.’s Court-appointed Monitor has filed its forty-seventh report regarding the company's Court-supervised restructuring.
|
|
Stelco Court Monitor Files 46th Report
Jan. 16, 2006 - Jan. 16, 2006 — Stelco Inc.’s Court-appointed Monitor has filed its forty-sixth report regarding the company's Court-supervised restructuring. The Report provides updated i
|
|
Stelco Court Monitor Files 45th Report
Jan. 12, 2006 - Jan. 12, 2006 — Stelco Inc.’s Court-appointed Monitor has filed its forty-fifth report regarding the company's Court-supervised restructuring. The Report provides updated i
|
|
Stelco Update Addresses Restructuring Issues
Jan. 10, 2006 - Jan 10, 2006 — In an update on its Court-supervised restructuring process, Stelco Inc. indicated that election forms have now been delivered to all affected creditors. Under the
|
|
Stelco Court Monitor Files 44th Report
Dec. 23, 2005 - Stelco Inc.’s Court-appointed Monitor has filed its forty-fourth report regarding the company's Court-supervised restructuring. The Report provides updated information regarding the sanction hearing, fairness of the plan, and enterprise value and its effect on recovery.
|
|
Court Approves Stelco's Sale of AltaSteel
Dec. 20, 2005 - The Superior Court of Justice (Ontario) has approved Stelco’s previously announced sale of AltaSteel Ltd. to Moly Cop Steel Inc., an affiliate of Scaw International Sarl.
|
|
Stelco Stay Extended to January 31, 2006
Dec. 13, 2005 - The Superior Court of Justice (Ontario) has granted an Order to Stelco Inc. extending the stay period under its Court-supervised restructuring until January 31, 2006.
|
|
|
|
Stelco Creditors Approve Third Amended Restructuring Plan
Dec. 12, 2005 - Stelco Inc. announced that a third amended restructuring plan was approved by affected creditors at the previously-adjourned meeting that resumed on Friday. Affected creditors of certain Stelco subsidiaries also voted to approve the plan at other meetings resumed the same afternoon.
|
|
Stelco Approves Second Amended Restructuring Plan
Dec. 9, 2005 - Stelco Inc. announced late Thursday afternoon that its Board of Directors has approved a second amended restructuring plan for consideration by its creditors. The second amended plan will be filed with the Court before the previously adjourned meetings of affected creditors resume on Friday, December 9, 2005.
|
|
|
|
Stelco Stay Extended to December 12
Dec. 7, 2005 - Stelco Inc. was granted an Order of the Superior Court of Justice (Ontario) extending the stay period under its Court-supervised restructuring until December 12, 2005.
|
|
Stelco Creditors' Meetings Adjourned until December 9
Dec. 5, 2005 - Stelco creditor meetings, in which creditors were to consider and vote on a restructuring plan, have been adjourned until Friday, December 9, 2005. Meetings of creditors of Stelco’s subsidiaries will also be adjourned to the same date.
|
|
Stelco to Sell AltaSteel
Dec. 2, 2005 - Stelco Inc. has entered into a definitive agreement for the sale of AltaSteel Ltd.’s assets of to Scaw Metals Group, one of Africa's largest diversified iron, steel and engineering works.
|
|
Stelco to Recommend Postponement of Creditors' Meetings
Dec. 1, 2005 - When creditors’ meetings resume on Dec. 2, Stelco Inc. will recommend to the Court-appointed Monitor that they be adjourned to allow time to finalize the restructuring plan that will be voted on at the meetings. The company is also recommending that the meetings of its affected subsidiaries be adjourned as well.
|
|
|
|
|
|
Stelco Creditor Meetings Adjourned Again
Nov. 22, 2005 - Stelco Inc. announced that the meeting of its creditors has been further adjourned until Wednesday, November 23, 2005. Meetings of creditors of Stelco’s subsidiaries will also be adjourned to the same date.
|
|
|
|
Stelco Creditors' Meetings Adjourned until November 21
Nov. 16, 2005 - The meeting for creditors to consider and vote on Stelco Inc.’s restructuring plan has been adjourned until November 21, 2005. Meetings of creditors of Stelco subsidiaries will also be adjourned to the same date.
|
|
Stelco Unions Target Restructuring as One Company
Nov. 15, 2005 - Stelco local unions recently endorsed a set of seven principles that they will use to evaluate any plan to restructure Stelco. At their meeting, the unions agreed that Stelco must be restructured as one company, not sold off in parts.
|
|
Stelco Reports 3rd Quarter Loss
Nov. 11, 2005 - Stelco Inc. reported a net loss of $42 million on net sales revenue of $725 million for the quarter and net earnings of $47 million on sales revenue of $2.462 billion for the nine months ended September 30, 2005.
|
|
Court of Appeals Dismisses Stelco Bondholders' Appeal
Nov. 7, 2005 - The Court of Appeal for Ontario has dismissed the appeal made in regards to Stelco Inc. by the Informal Committee of Senior Debenture Holders. The committee had opposed orders made by Mr. Justice Farley (on October 4, 2005) that authorized Stelco to, among other things, enter into agreements with the Province of Ontario, elements of the United Steelworkers and Tricap Management Limited.
|
|
|
|
|
|
|
|
Stelco-Tricap Agreement Filed with Court
Sep. 30, 2005 - Stelco Inc. announced that its restructuring agreement with Tricap Management Limited was filed with the Court Wednesday evening (Sep. 28) as part of the Motion Record for a hearing scheduled for October 3, 2005.
|
|
|
|
Stelco Advances toward Restructuring
Sep. 26, 2005 - Stelco Inc. announced that it has satisfied the preliminary conditions under the restructuring agreement entered into between the company and the Province of Ontario.
|
|
Stelco Court Monitor Files 37th Report
Sep. 22, 2005 - Stelco Inc.’s court-appointed Monitor has filed its thirty-seventh report regarding the company's Court-supervised restructuring. The Report provides updated information regarding Stelco’s restructuring plan and restructuring agreement with the Province; Stelco’s request for further extension of the stay period; and Stelco’s operating performance and current market conditions.
|
|
Stelco Files Restructuring Plan
Sep. 21, 2005 - Stelco Inc. filed a restructuring plan with the Court on Tuesday, Sep. 20. It also filed a restructuring agreement with the Province of Ontario that includes an arrangement for funding the company's pension plans.
|
|
Court Extends Stelco Stay Period to September 23
Sep. 8, 2005 - Stelco Inc. sought and obtained an extension to the stay period for its Court-supervised restructuring during a hearing held on Wednesday, Sep. 7. During the same hearing, the Court also granted Stelco’s request to appoint a Special Officer to oversee a review of complaints made by two former directors.
|
|
Court Approves Stelco's Sale of Stelpipe
Sep. 7, 2005 - The Superior Court of Justice (Ontario) has approved Stelco’s previously announced sale of substantially all of the assets of Stelpipe Ltd. to Lakeside Steel Corp., a wholly owned subsidiary of Romspen Investment Corp. The announcement was made during a hearing held on Tuesday, Sep. 6.
|
|
Stelco Continues to Pursue Plan of Arrangement
Sep. 2, 2005 - Stelco Inc. is continuing active discussions with stakeholders concerning its intention to introduce a plan of arrangement under the Companies' Creditors Arrangement Act that would enable Stelco to exit Court protection. The company notes that it is continuing to develop a detailed plan designed to help the company emerge as a viable and competitive steel producer in the North American market environment.
|
|
Stelco Court Monitor Files 35th Report
Sep. 1, 2005 - Stelco Inc.’s court-appointed Monitor has filed its thirty-fifth report regarding the company's Court-supervised restructuring. The Report provides updated information regarding the previously-announced agreement for the sale of substantially all of the assets of Stelpipe Ltd. to Romspen Investment Corp.
|
|
Stelco Enters Agreement in Sale of Stelpipe
Aug. 22, 2005 - Stelco Inc. has entered into a definitive agreement for the sale of the assets of Stelpipe Ltd. to Romspen Investment Corp., an independent non-bank lender and financier based in Toronto.
|
|
Stelco Announces Adjournment of Motions
Aug. 19, 2005 - Stelco Inc. announced that the Superior Court of Justice (Ontario) has agreed to a request to adjourn motions in the matter of the company's Court-supervised restructuring that were scheduled to be heard Thursday.
|
|
Steelworkers Vow to Protect Pensions and Jobs at Stelco
Aug. 16, 2005 - The Presidents of five Steelworker local unions at Stelco Inc., the President of the Hamilton Chapter of the Steelworkers Organization of Active Retirees (SOAR), and the United Steelworkers' Ontario/Atlantic and Canadian National Directors have reaffirmed their strong commitment to fight for pensions and jobs for all Steelworkers and Steelworker retirees at Stelco.
|
|
Stelco Opposes USW International Motion
Aug. 11, 2005 - Stelco Inc. filed material with the Superior Court of Justice (Ontario) opposing the USW International's bid to enable any creditor to prepare and file a restructuring plan in the matter of the company's CCAA process. The USW International motion is to be heard by the Court on August 16, 2005.
|
|
Fluor to Provide Maintenance Excellence Program for Stelco
Aug. 9, 2005 - Fluor Corp.’s Canadian subsidiary has been awarded a contract from Stelco Inc. to provide asset productivity and maintenance improvement consulting services as part of Stelco’s strategy to strengthen its competitive position.
|
|
|
|
Stelco Reports 2nd Quarter Results
Aug. 5, 2005 - Stelco Inc. reported net earnings of $40 million on net sales revenue of $888 million for the quarter and net earnings of $89 million on net sales revenue of $1,856 million for the six months ended June 30, 2005.
|
|
|
|
Stelco Court Monitor Files 34th Report
Aug. 1, 2005 - Stelco Inc.’s court-appointed Monitor has filed its thirty-fourth report regarding the company's Court-supervised restructuring. The Report provides the Court with updated information regarding the process for the filing of and determination of claims by the USW International and USW Locals 8782 and 5328.
|
|
|
|
Court Grants Stelco Additional Extension of Stay Period
Jul. 19, 2005 - Stelco Inc. was granted an Order of the Superior Court of Justice (Ontario) extending the stay period under its Court-supervised restructuring. Scheduled to expire July 18, 2005, the new order extends Stelco’s stay period until September 9, 2005.
|
|
Stelco Court Monitor Files 33rd Report
Jul. 18, 2005 - Stelco Inc.’s court-appointed Monitor has filed its thirty-third report regarding the company's Court-supervised restructuring. The Report provides updated information regarding meetings held with shareholder groups, the lack of consensus among shareholder groups, current industry conditions and their impact on Stelco’s financial results, and Stelco’s request for extension of the stay period.
|
|
Stelco Files Restructuring Plan Outline
Jul. 18, 2005 - Stelco Inc. has filed a restructuring plan outline that it says is designed to ensure a viable company over the long term and provide lasting benefits for its stakeholders.
|
|
Stelco to Seek Extension of Stay Period
Jul. 13, 2005 - Stelco Inc. announced that it will appear in Court on July 18, 2005 to seek an extension of the stay period in its Court-supervised restructuring from that date until September 9, 2005.
|
|
Stelco Comments on Georgian Windpower Situation
Jul. 1, 2005 - Stelco Inc. commented on reasons issued by the Superior Court of Justice (Ontario) regarding an application brought by Georgian Windpower Corp. (GWC) and heard by the Court on June 27, 2005.
|
|
CITT Rescinds Hot Rolled Steel Plate Orders
Jun. 28, 2005 - The Canadian International Trade Tribunal (CITT) has rescinded its June 27, 2000, finding on dumped hot rolled carbon steel plate from Brazil, Finland, India, Indonesia, Thailand and Ukraine and subsidized hot rolled carbon plate from India, Indonesia and Thailand.
|
|
|
|
|
|
Stelco Court Monitor Files 32nd Report
Jun. 22, 2005 - Stelco Inc.’s court-appointed Monitor has filed its thirty-second Report regarding the company's Court-supervised restructuring. The Report provides updated information regarding the issuance of Stelco's guidance update on June 1, 2005; cash flow results for the entities that filed under CCAA, including variances from the forecast included in the Monitor's 26th Report; and the mediation process.
|
|
Steelworkers Renew Strike Mandate at AltaSteel
Jun. 3, 2005 - Members of the United Steelworkers' Local 5220 at Stelco Inc.'s Edmonton subsidiary, AltaSteel, have voted 97% in favor of renewing the strike mandate first granted to the local's bargaining committee last September during ongoing contract negotiations. The mandate had been renewed in February.
|
|
Stelco Revises Earnings Guidance
Jun. 3, 2005 - Stelco Inc. has adjusted its earnings expectations for the second quarter of 2005. The company says that while it continues to expect solid performance from a historical perspective, second quarter operating earnings are now expected to be considerably below the level of the first quarter of 2005. The decrease is attributed primarily to lower spot market prices, higher energy costs and the flow-through of higher-cost inventory produced in the first quarter.
|
|
Stelco Court Monitor Files 31st Report
May 31, 2005 - Stelco Inc.’s court-appointed Monitor has filed its thirty-first Report regarding the company's Court-supervised restructuring. The Report provides updated information regarding the mediation process initiated by Court Order on May 19, 2005. The Monitor notes that the mediator, the Hon. George Adams, began holding one-on-one meetings with stakeholders on May 24. That process is continuing.
|
|
Stelco Comments on Court Directives on Mediation
May 20, 2005 - Stelco Inc. has commented on decisions made by the Superior Court of Justice (Ontario) following a hearing held earlier this week in the matter of the Company's Court-supervised restructuring.
|
|
Stelco Court Monitor Files 30th Report
May 19, 2005 - Stelco Inc.’s court-appointed Monitor has filed its thirtieth Report regarding the company's Court-supervised restructuring. The Report provides updated information regarding the proposal for a mediation process, which was originally outlined in the Monitor's 29th Report.
|
|
Stelco Court Monitor Files 29th Report
May 13, 2005 - Stelco Inc.’s court-appointed Monitor has filed its twenty-ninth Report regarding the company's Court-supervised restructuring. The Report provides updated information regarding Stelco’s first quarter results and strategic capital expenditures.
|
|
Stelco Reports 1st Quarter Earnings
May 10, 2005 - Stelco Inc. reported record net earnings of $49 million on net sales revenue of $968 million for the first quarter ended March 31, 2005.
|
|
|
|
Stelco Court Monitor Files 28th Report
May 3, 2005 - Stelco Inc.’s court-appointed Monitor has filed its twenty-eighth Report regarding the company's Court-supervised restructuring. The Report provides updated information regarding the sale of Welland Pipe's U&O Mill. The Monitor reports that Stelco will seek a Court Order on May 4, 2005 approving the sale of the Mill to Grinolet Inc.
|
|
|
|
Court Grants Stelco Extension of Stay
Apr. 27, 2005 - Stelco Inc. applied for and was granted an Order of the Superior Court of Justice (Ontario) extending the stay period under its Court-supervised restructuring until July 8, 2005. The stay period was previously scheduled to expire on April 29, 2005.
|
|
Stelco Court Monitor Files 26th Report
Apr. 26, 2005 - Stelco Inc.’s court-appointed Monitor has filed its twenty-sixth Report regarding the company's Court-supervised restructuring. The Report provides an update on Stelco’s operations and finances, including a first-quarter production and shipping summary by business operation, a review of market and pricing conditions, cash flow results for the period January 29, 2005 to April 15 of this year, and cash flow forecasts for the period April 16, 2005 to July 8, 2005. Additional portions of the Report review previously announced developments.
|
|
Stelco and USWA Reach Agreement on Near Term Plans
Apr. 22, 2005 - Stelco Inc. has reached agreement with the USWA on the next steps in the company's capital raising process and restructuring. The agreement was submitted to and approved by the Superior Court of Justice (Ontario) on Thursday, April 21, 2005.
|
|
Steelworkers Urge Hamilton City Council to Adopt Motion on Stelco
Apr. 20, 2005 - The United Steelworkers is pleased with a motion passed Tuesday by the Hamilton City Council’s Planning and Economic Development Committee urging Stelco Inc. to consent to the Steelworkers' appointment of Tricap Management Limited as a financial advisor for the purpose of recapitalizing Stelco.
|
|
Steelworkers Preparing Plan to Save Stelco
Apr. 14, 2005 - The United Steelworkers of America has signed a letter of intent with Tricap Management Limited (Brascan Corp.'s restructuring fund) to work together on a C$1.35 billion plan to recapitalize Stelco Inc., and remove the company from protection under the Companies' Creditors Arrangement Act (CCAA).
|
|
Stelco Reports Fourth Quarter and Full Year Results
Apr. 12, 2005 - Stelco Inc. released its 2004 Audited Consolidated Financial Statements together with Management's Discussion and Analysis, which outlines the corporation's financial results and condition. Stelco also released its Annual Information Form (AIF). In its statements, Stelco reported net earnings of $1 million for the fourth quarter, and net earnings of $65 million for the year ended December 31, 2004.
|
|
|
|
|
|
Oregon Steel Mills Acquires Stelco's Interest in Camrose Pipe
Apr. 1, 2005 - Oregon Steel Mills, Inc. announced that Oregon Steel, through its indirect wholly-owned subsidiary Canadian National Steel Corp., has purchased the 40% partnership interest in Camrose Pipe Co. that is owned by Stelcam Holdings, Inc., a subsidiary of Stelco, Inc. Oregon Steel paid $22.5 million (Canadian) in cash for the acquisition and closed in escrow.
|
|
Stelco Authorized to Access Capital Markets
Mar. 31, 2005 - Stelco Inc. has received Court authorization to access the capital markets in pursuit of new capital in the form of equity or a combination of debt and equity.
|
|
|
|
Stelco Seeks Approval to Sell Interest in Camrose Pipe
Mar. 25, 2005 - Stelco Inc. has applied for a Court order approving the sale by Stelcam Holdings Inc., a wholly-owned subsidiary of Stelco, of its partnership interest in Camrose Pipe Co. to Canadian National Steel Corp. (CNSC). CNSC, an indirect subsidiary of Oregon Steel Mills Inc., is the other partner in the Camrose Pipe Partnership.
|
|
Stelco Offers Operating Earnings Estimate
Mar. 9, 2005 - Stelco Inc. has issued preliminary unaudited operating results for the fourth quarter and year 2004, as well as commentary on estimated 2005 results. The company cautions that the estimates are unaudited and do not include possible adjustments to operating earnings that may be required as a result of the capital raising and sales process, the claims reconciliation process or other matters that may arise prior to finalization of Stelco's 2004 financial statements.
|
|
|
|
Stelco Court Monitor Files 20th Report
Mar. 3, 2005 - Stelco Inc.’s court-appointed Monitor has filed its twentieth Report regarding the company's Court-supervised restructuring. The Report provides an update on the capital raising process, in particular the review process and results for Phase II of the process.
|
|
Steelworkers Pledge Conditional Support for Stelco Restructuring
Mar. 2, 2005 - The United Steelworkers said that it is prepared to work with Stelco Inc. to develop a plan based on full adherence to the union's seven principles for restructuring and on new labor agreements for Locals 8782 (Lake Erie), 5220 (AltaSteel) and 5328 (Stelwire), that allows Stelco to successfully emerge from bankruptcy protection under the Companies' Creditors Arrangement Act (CCAA).
|
|
Stelco Offers Miss the Mark
Mar. 2, 2005 - Stelco Inc.’s Board of Directors has determined that none of the proposals received satisfy its requirements for being designated as a prevailing offer under the order of the Ontario Superior Court of Justice. As a result, the Board will pursue new refinancing alternatives for the integrated steel business as part of its capital raising process.
|
|
Stelco Comments on Court Decisions
Feb. 28, 2005 - Stelco Inc. commented on the Court hearing held Friday. Feb. 25, in the matter of the company's Court-supervised restructuring.
|
|
Stelco Court Monitor Files 19th Report
Feb. 25, 2005 - Stelco Inc.’s court-appointed Monitor has filed its Nineteenth Report regarding the company's Court-supervised restructuring. The Report outlines progress in the company’s capital raising and asset sale process, and the retired salaried employees' request for a bid review committee.
|
|
Stelco Board Commences Review of Bids
Feb. 21, 2005 - Stelco Inc.’s Board of Directors has commenced its review of bids submitted under the Court-approved capital raising and asset sale process.
|
|
Stelco Concludes Bid Process for Core and Non-Core Assets
Feb. 16, 2005 - Several bids have been received for the recapitalization or purchase of Stelco Inc.’s core integrated steel business. Bids, as defined under Stelco’s Court-approved capital raising and asset sale process, had been due by the end of the day on Monday, Feb. 14.
|
|
Stelco Steelworkers Reach Understanding with Severstal
Feb. 14, 2005 - After a weekend of round-the-clock discussions, United Steelworkers' local unions representing workers at Stelco Inc. operations in Alberta, Ontario and Quebec came to an understanding with Russian steelmaker Severstal to continue talks with the Steelworkers to completion.
|
|
Court Extends Stelco Stay Period to April 29
Feb. 10, 2005 - Stelco Inc. obtained an Order of the Superior Court of Justice (Ontario) extending the stay period under its Court-supervised restructuring from February 11, 2005 until April 29, 2005.
|
|
|
|
Steelworkers Renew Strike Mandate at AltaSteel
Feb. 8, 2005 - Members of the United Steelworkers' Local 5220 at Stelco Inc.'s Edmonton subsidiary, AltaSteel, have voted 92% in favor of renewing its strike mandate. The mandate was initially granted to the local's bargaining committee last September during ongoing contract negotiations.
|
|
Stelco Court Monitor Files 18th Report
Feb. 8, 2005 - Stelco Inc.’s court-appointed Monitor has filed its Eighteenth Report regarding the company's Court-supervised restructuring. The Report outlines production and shipping data for Stelco’s segments as well as information on cash flow and forecasts; pension plan and OPEB information. The Report also includes an update on Stelco’s capital raising process, including the sale of Plateco, and an update on the claims procedure. In addition, the Report notes Stelco’s intention to request an extension of the stay period.
|
|
Steelworkers to Vote on Strike Mandate at AltaSteel
Feb. 3, 2005 - Members of the United Steelworkers' Local 5220 at Stelco Inc.'s Edmonton subsidiary, AltaSteel, will vote Thursday, Feb. 3, to renew its strike mandate. The mandate was first granted to the local's bargaining committee last September during ongoing contract negotiations.
|
|
Stelco Court Monitor Files 17th Report
Jan. 31, 2005 - Stelco Inc.’s court-appointed Monitor has filed its Seventeenth Report regarding the company's Court-supervised restructuring. The Report outlines an extension of Stelco’s credit facilities, progress on the sale of Stelco Plate Co. assets, and simplification of Stelco’s corporate structure.
|
|
Court Allows Stelco to Extend Deadline for Binding Offers
Jan. 18, 2005 - The Superior Court of Justice (Ontario) has approved Stelco Inc.’s application to amend the provisions of its capital raising process. Stelco had applied for permission to extend the deadline for filing of binding offers for Stelco's core business, its non-core subsidiaries, or both, from January 31, 2005 to February 14, 2005.
|
|
Stelco Hopes to Extend Deadline for Binding Offers
Jan. 14, 2005 - Stelco Inc.’s court-appointed Monitor has filed its Sixteenth Report regarding the company's Court-supervised restructuring. The Report outlines the Court-appointed Monitor’s recommendation that the deadline for parties to file binding offers for Stelco's core business, non-core subsidiaries, or both be extended from January 31, 2005 to February 14, 2005.
|
|
|
|
|
|
|
|
|
|
|
|
Stelco Court Monitor Files 14th Report
Dec. 9, 2004 - Stelco Inc.’s court-appointed Monitor has filed its Fourteenth Report regarding the company's Court-supervised restructuring. The Report outlines a proposed creditors' claims process and provides an update on Stelco's asset sale process.
|
|
Stelco Director Resigns from Board
Dec. 2, 2004 - Stelco Inc. announced that Peter Dey has resigned from the Board of Directors in order to avoid any perception of conflict of interest between his role as a Director and his affiliation with Osler, Hoskin & Harcourt LLP.
|
|
Court Approves Deutsche Bank Proposal as Stalking Horse Bid
Nov. 30, 2004 - The Superior Court of Justice (Ontario) has approved the Deutsche Bank commitment as the stalking horse in Stelco Inc.’s capital raising process. The Court also approved amendments to the process itself that were proposed by the company.
|
|
Stelco Court Monitor Files Second Supplemental 11th Report
Nov. 29, 2004 - Stelco Inc.’s court-appointed Monitor has filed a Second Supplemental Eleventh Report regarding the company's Court-supervised restructuring. The Report provides an update on the amended Deutsche Bank commitment letter announced by Stelco, including the Monitor's views regarding the commitment.
|
|
Stelco Negotiates Amended Deutsche Bank Commitment
Nov. 28, 2004 - Stelco Inc. has successfully negotiated Commitments from Deutsche Bank and its affiliates to replace the previously announced Commitments, which had depended on a General Motors contract. Stelco's Board of Directors unanimously approved the company entering into the revised Commitments with Deutsche Bank.
|
|
|
|
|
|
|
|
Stelco Reaches Another Round of Deadlines
Nov. 22, 2004 - Over the weekend, Stelco Inc. provided updates regarding its capital raising activities and other matters. In its second update, the company emphasized the importance of its continued focus on maintaining its important business relationship with General Motors.
|
|
Stelco Reaches Tentative Contract Agreement with General Motors
Nov. 18, 2004 - Stelco Inc. has reached agreement with General Motors for a contract commencing April 1, 2005 and ending December 31, 2006. While recent contracts with General Motors have typically been for one year, the new arrangement covers a longer period.
|
|
|
|
|
|
|
|
Stelco and Deutsche Bank Agree on Terms of New Financing
Nov. 15, 2004 - Stelco Inc.’s Board of Directors unanimously approved a term sheet with Deutsche Bank Securities Inc. and Deutsche Bank AG. The term sheet provides for a recapitalization of Stelco Inc. involving a financing of $900,000,000. The financing includes an asset-based loan facility co-underwritten by Deutsche Bank AG and CIT Business Credit Canada, for which Deutsche Bank Securities Inc. will act as Lead Arranger, and a purchase commitment by Deutsche Bank Securities Inc. of Stelco Inc. convertible notes and bridge notes.
|
|
Stelco to Evaluate Bondholder Proposal
Nov. 10, 2004 - Stelco Inc. has received a comprehensive proposal from a group of its bondholders, as well as several other expressions of interest. Stelco's Board of Directors, in consultation with its advisors, is actively reviewing the bondholder proposal.
|
|
Stelco Reports 3rd Quarter Results
Nov. 8, 2004 - Stelco Inc. reported net earnings of $58 million on net sales revenue of $953 million in the third quarter ended September 30, 2004.
|
|
Stelco and Local 8782 Welcome Agreement with DaimlerChrysler
Oct. 31, 2004 - Stelco Inc. and United Steelworkers of America (USWA) Local 8782 jointly announced that they have reached agreement with DaimlerChrysler to extend the deadline for providing assurances regarding security of steel supply. The deadline, originally set for October 31, 2004, has now been moved to November 18, 2004.
|
|
|
|
|
|
Cliffs Announces Labor Agreement at Wabush Mines
Oct. 12, 2004 - Cleveland-Cliffs Inc. announced that contract settlements have been reached and ratified by the United Steelworkers Union, representing approximately 575 hourly employees at Wabush Mines in Canada.
|
|
Stelco Customer Reacts to 90-Day Notice
Oct. 11, 2004 - One of Stelco Inc.’s largest customers has served notice that it will remove its business from the company for 2005 unless it receives assurances of Stelco's ability to provide security of supply through the coming year.
|
|
|
|
|
|
Stelco Adds Three More Facilities to the For-Sale List
Oct. 6, 2004 - Stelco Inc. has elected to pursue the sale of wholly owned subsidiaries AltaSteel Ltd. and Norambar Inc., as well as the company's 40% ownership interest in Camrose Pipe Co. Stelco had previously announced its decision to seek buyers for Stelfil, Stelpipe and Stelwire.
|
|
Stelco Reacts to 90-Day Notice by USWA Local 8782
Oct. 4, 2004 - USWA Local 8782 has issued 90 days notice of a potential strike at Stelco Inc.'s Lake Erie facility. The notice is required under the June 23rd Agreement between Stelco and its USWA Locals.
|
|
Talks Back on at Wabush Mines
Oct. 1, 2004 - Striking steelworkers will be back at the bargaining table Friday with Wabush Mines in an attempt to reach a settlement for 300 members of Steelworkers Local 6285. The workers have been on strike since July 5.
|
|
|
|
Court Grants Stelco Extension of Stay Period
Sep. 27, 2004 - Stelco Inc. obtained an Order of the Superior Court of Justice (Ontario) extending the stay period under its Court-supervised restructuring until November 26, 2004.
|
|
|
|
Stelco Issues Restructuring Update
Sep. 17, 2004 - Stelco Inc. issued the following update on its Court-supervised restructuring in response to recent speculation and changes in the trading price of the company's shares:
|
|
|
|
Court Reschedules Stelco Hearing on Sale of Subsidiaries
Sep. 8, 2004 - Stelco Inc. announced that the Court hearing scheduled to take place on Tuesday, Sep. 7, has been rescheduled for September 24, 2004. The hearing is being held to review and, if appropriate, to approve the processes for the sale of Stelwire, Stelpipe and Stelfil.
|
|
Stelco to Demolish D Blast Furnace
Sep. 3, 2004 - Stelco Inc. will demolish its D Blast Furnace using explosives this Sunday, September 5, 2004. Built in the early 1950s, the approximately 250 foot high D Blast Furnace has been idle since 2000.
|
|
|
|
|
|
|
|
Stelco Reports 2nd Quarter Results
Aug. 5, 2004 - Stelco Inc. reported net earnings of $42 million on sales revenues of $884 million in the second quarter, and net income of $6 million on sales revenue of $1,658 million for the six months ended June 30, 2004.
|
|
Stelco Unveils 4-Point Strategy
Jul. 30, 2004 - Stelco Inc. unveiled a four-point strategy for the new Stelco that can be realized if the company successfully completes its current Court-supervised restructuring.
|
|
Stelco to Close Rod Mill
Jul. 22, 2004 - Stelco Inc. announced that it will close its Rod Mill in September of this year. The company says the move is being made in an effort to focus on sustainable and profitable product lines.
|
|
|
|
|
|
Stelco to Relocate Corporate Offices
Jun. 30, 2004 - Stelco Inc. announced that it will relocate its corporate offices from 100 King Street West in Hamilton to the company's Hamilton plant. The move is expected to produce annual savings of $4.5 million beginning in 2005.
|
|
|
|
Court Grants Stelco's Motion for Conciliator
Jun. 15, 2004 - In response to Stelco’s recent motion, Mr. Justice Farley of the Ontario Superior Court of Justice has granted leave to the Minister of Labor to appoint the Hon. George Adams as a conciliator and as a special officer under the provisions of the Labor Relations Act.
|
|
Stelco Provides Restructuring Update
Jun. 14, 2004 - Ernst & Young Inc. has released the Fifth Report of the Monitor on Stelco Inc.'s Court-supervised restructuring under the Companies' Creditors Arrangement Act (CCAA). The report highlights several recent developments, including the lack of progress in stakeholder discussions, and recent court motions by General Motors and Stelco.
|
|
Stelco Comments on Legal Action Taken by General Motors
Jun. 11, 2004 - Stelco Inc. commented on action taken on Thursday by General Motors Corp. regarding its supply arrangements with Stelco's Lake Erie facility. Stelco has received a letter from General Motors and has been served with Motion materials seeking the Court's permission to terminate General Motors' supply arrangements with Stelco's Lake Erie facility effective July 31, 2004.
|
|
Courtney Pratt Assumes Stelco Presidency
Jan. 2, 2004 - Stelco Inc. announced today that Mr. Courtney Pratt has assumed his responsibilities as President and Chief Executive Officer. In November 2003, Mr. Pratt was appointed President and Chief Executive Officer effective January 1, 2004.
|
|
|
View Current Articles
|