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2009

Friday 02 January 2009 Steel Industry, in Slump, Looks to U.S. Stimulus
The steel industry, a bellwether for the state of the nation’s economy, is looking to the government for a huge investment program: up to $1 trillion over two years.

Friday 14 November 2008 PITTSBURGH: U.S. STEEL LAYS OFF CANADIANS
U.S. Steel has announced it has laid off 677 workers, including 177 at plants in Hamilton and Erie, ON. The company attributes the job losses to weakening demand and says the jobs will return when the situation reverses itself.

2008

Tuesday 30 October 2007 Steel makers press EU for Asian import duties
BRUSSELS–European Union steel makers fired the first shot yesterday in what could be a major trade battle with China by asking Brussels to slap anti-dumping duties on Chinese and other Asian steel exports.

Saturday 27 October 2007 TORONTO: STELCO TAKEOVER ALMOST COMPLETE
Canada's last independent steelmaker approached the end of its independence on Friday at its last shareholders meeting at which almost all the shares were tendered to the US$1.1 billion takeover bid by U.S. Steel of Pittsburgh. The meeting lasted only five minutes and none present offered objections. The takeover is expected to become final at the end of the month. In its last quarterly report as a Canadian company, Stelco reported a profit of $38 million. Stelco CEO Rodney Mott says he expects the new owner to continue to operate Stelco's plants at Lake Erie and Hamilton, ON. Stelco had sought a buyer since emerging from bankruptcy almost two years ago. U.S. Steel outbid Russia's OAO Severstal in August. Other Canadian steel firms acquired by foreign interests in the past two years include Ipsco Inc.; Algoma Steel Inc.; Harris Steel Group Inc.; and Dofasco Inc. see takeovers.asp

Tuesday 16 October 2007 VANCOUVER: LUMBER STRIKE ENDS
The United Steelworkers union has reached a tentative accord to end a strike by 4,500 lumber workers on the B.C. coast who went on strike on July 21. The union has recommended that its members accept the deal. The strikers work for 31 companies represented by the Forest Industrial Relations. The main issues in the conflict are scheduling, severance pay and protection from contracting out.

Monday 03 September 2007 Investors, not Ottawa, sold out Big Steel
Our friends at the Globe and Mail headlined the Americanization of Stelco Inc. on page one last week thusly: "How Ottawa let steel industry slip away."

Tuesday 28 August 2007 Stelco (STE : TSX : $37.63), Net Change: 10.70, % Change: 39.73%, Volume: 809,416
And the winner of Last Canadian Steel Company Standing is...Over the last few years, the Canadian steel sector has steadily been absorbed by larger competitors as part of a major global consolidation in the industry. With Dofasco, Ipsco and Algoma Steel all having been acquired, and a takeover bid underway for Novamerican Steel (TONS), a bid for Stelco seemed only a matter of time. Over the weekend, Stelco agreed to be acquired by US Steel (X) in a $1.1 billion, or $38.50 per share deal, a 43% premium over Friday’s close. Shareholders owning 76% of the steelmaker have agreed to support the deal. This leaves steel distributor Russel Metals (RUS) as the only independent Canadian steel company with a market cap of over $1 billion. Interestingly, Gerdau Ameristeel (GNA), which has a Brazilian parent,

Monday 27 August 2007 U.S. Steel to buy Stelco U.S. giant will purchase the remaining Canadian-owned steel maker for $1.16-billion
Stelco's neighbour and rival Dofasco Inc. was the first major Canadian steel maker to sell out to foreign interests after a nine-month bidding war that ended early last year.
U.S. Steel will offer $38.50 a share for Stelco, agree to spend $100-million upgrading the Canadian steel company's operations in Ontario and contribute $32.5-million to Stelco's pension funds.

Tuesday 31 July 2007 rci TORONTO: LABOUR PEACE ACHIEVED AT ALGOMA
Algoma Steel Inc. has reached a tentative contract agreement with the United Steelworkers union which represents 2,700 of its workers. Details of the deal haven't been disclosed. The vote on the tentative deal will take place on Friday. The agreement clears the way for Algoma's new owner, Essar Steel of India, to fulfil its plan to upgrade and to expand Algoma's facilities in northern Ontario to begin producing welded pipe for Canada's western oil and natural gas sector.

Thursday 26 July 2007 TORONTO: STELCO CONTINUES TO LOSE WHILE AWAITING BUYER
Stelco Inc., one of the last independent Canadian steelmakers, has reported a second-quarter loss of $41 million, on revenue of $717 million. The company hasn't shed any light on its plan to seek a buyer which it announced last month.

Sat 07/07/2007 TORONTO: STELCO ATTRACTS THIRD SUITOR
The Globe and Mail newspaper reports that the Metinvest steelmaker of Ukraine is interested in acquiring Stelco Inc., the last Canadian-controller steel firm. Metinvet is controlled by Ukraine's richest man, Rinat Akhmetov. The newspaper says representatives of Metinvet, OAO Seeverstal and India's Essar Global Ltd. have visited Stelco's facilities in recent weeks. The Canadian firm put itself up for sale last month. Stelco, AK Steel Holding Corp. of Middletown, OH and a mill which the U.S. government has ordered Mittal Arcelor to sell are the three last middle-sized North American steel assets available for takeovers. The scarcity of such assets has driven up their stock value. Stelco would have been valued at $741 million by Thursday's closing price in Toronto.

Tuesday 26 June 2007 TORONTO: STELCO LATEST BIG CANADIAN STEELMAKER PUT UP FOR SALE
Stelco Inc. has confirmed a newspaper report that it's on the selling block. The Hamilton-based company says it has named a committee of directors and advisors to consider a series of possibilities including merger, partnership, acquisition or a sale of part or all of the firm. Stelco says negotiations with interested parties are at a preliminary stage and that there's no guarantee of a transaction. The company's CEO, Rodney Mott, says that now that Stelco has completed the first phase of its business plan after emerging from bankruptcy in March 2006 by upgrading its hot strip mill at Lake Erie, ON, and cutting costs and jobs in Hamilton, it's ready to pass to phase two by seeking to make Stelco "an integral part of a larger, globally competitive company." Stelco is the last Canadian steelmaker that could be acquired by a foreign firm looking for a foothold in the North American steel industry. In the past year, Algoma Steel, Dofasco and Harris Steel all have been taken over by foreign interests.

8 June 2007 rci TORONTO: STELCO WANTS TAKEOVER BY ANOTHER STEELMAKER
The CEO of Canadian steelmaker Stelco Inc., Rodney Mott, says he hopes to sell the Hamilton-based firm to another steel company. Mr. Mott also said at Stelco's annual meeting that he hopes to sell off non-core assets to enhance the company's stock price. The remarks coincided with Stelco's announcement that it has sold its 44.5-per cent stake in the Wabush iron ore mine in Labrador to Consolidated Thompson Iron Mines for $163.4 million. Stelco said last week that it is considering mergers, acquisitions, partnerships or a sale of all or some of its components. However, Mr. Mott said on Wednesday that he hopes to keep its two facilities in Hamilton and Nanticoke, ON, intact. more

Sunday 03 June 2007 Stelco (STE) - $31.93 - The last money making event in Canadian steel, maybe not...
Underperform, Speculative Risk, Price target $28.00
On Friday Stelco announced a review of strategic alternatives and preliminary discussions which may lead to a sale or merger. Stelco’s share holders may have been very astute with the timing of this initiative as the recent frenzy of takeover activity in the North American Steel industry leaves very few assets available for acquisition. However, deriving a value for Stelco’s assets via the form of the transaction (merger, partial sale of assets, sale of the company), plus the pension and OPEB liabilities, the value of the iron ore assets, the viability of the Hamilton operations and the position of the unions may add to the complexity of any potential transaction.

Tuesday 30 January 2007 RBC Stelco (STE) – $20.90 –
Underperform, Speculative Risk – Price Target: $20.00
RBC CM is initiating coverage of Stelco with an Underperform, Speculative Risk rating and a price target of $20.00. Stelco’s highly leveraged capital structure and significantly underfunded pension plan leave it with very low financial flexibility. Longer than planned mill outages and weaker market conditions should cause shipments to decline by 30% sequentially in Q4, 2006. Despite the good progress in cost reduction initiatives and the company’s high operating leverage, RBC CM believes that management’s EBITDA target of $410 million is challenging. RBC CM also believes that Stelco is unlikely to generate much takeover interest until it further reduces operational inefficiencies and shows its true cash flow generation capacity.

Wednesday 03 January 2007 Harris Steel's board of directors is endorsing a takeover bid from U-S-based Nucor Corp., worth 1.25 billion dollars, or $46.25 a share. The offer is a 37.5 per cent premium over the trading price before Harris announced December 7th that it was in discussions about a possible sale. Harris is a Toronto company serving customers throughout Canada and the United States.

2006

Saturday 11 November 2006 HAMILTON: STELCO WARNS OF POSSIBLE NEW SHUTDOWNS
Canada's biggest steelmaker, Stelco Inc., says its plants in Hamilton, ON, could again be shut down. They were closed last week for lack of demand for the first time in 16 years. Stelco CEO Rodney Mott says there's no sense in making steel if there's no demand for it. The shutdown came days before Stelco announced that it had lost $25 million for the quarter that ended Sept. 30. The company says demand for steel has been reduced by lower use of it by the automotive sector, high inventory levels and that the situation will be made worse in the present quarter by heightened competition from Europe, Asia and South America.

Saturday Jun 24, 2006 rci TORONTO: STELCO CUTS HUNDREDS
Canada's biggest steelmaker, Stelco Inc., has announced it will eliminate about 700 jobs. The announcement comes shortly after the Hamilton-based manufacturer reached a contract accord with a union representing several thousand of its employees. Stelco CEO Rodney Mott told the annual shareholders meeting in Toronto that the cuts will be achieved through retirement, attrition, a buyout plan and severance packages. Mr. Mott says the job reductions will cost $25 million but will result in annual savings of $45 million. The CEO also says the company expect to have revenue of $3 billion a year by the end of 2007, and one-third improvement over 2005.

Sunday Apr 2, 2006 rci Stelco Inc., Canada's biggest steelmaker, has emerged from bankruptcy protection as of midnight Friday, after a restructuring process that lasted two years and two months. The restructured firm will have fewer plants, 1,500 fewer employees, and new board of directors and a new CEO. Stelco's operations have been split into nine limited partnerships. The new company will be partly owned by the Ontario government, which lent Stelco $150 million on the condition that it eliminated its $1.3-billion pension fund deficit by 2015. Tricap Management Ltd., which organized a $375-million loan for Stelco, will own one-third of the new shares which will start trading on Monday. The old shareholders lost their holdings. Two other investment firms will split a stake of about 35 per cent of Stelco.

Thursday Mar 30, 2006 rci Stelco Inc., Canada biggest steelmaker, says it has almost completed all of the legal steps required to emerge from bankruptcy protection. These include various loan documents and its agreement with the Ontario government on its pension fund. Stelco says its bondholders have approved the documents and that it is on schedule to emerge solvent on March 31, after entering bankruptcy protection in January 2004. Stelco's stock has been delisted at the TSE and new stock will be issued on April 3. The restructured company will have a new CEO, Rodney Mott, and a new board of directors. Tricap Management Ltd., a restructuring fund, has lent Stelco $375 million and will own one-third of the new shares.

Sunday Mar 26, 2006 rci Canada's biggest steelmaker, Stelco Inc., says it lost $120 million in its four quarter, compared with a $1-million gain in the previous fourth quarter. The company says part of the loss was due to a prolonged shutdown of its plant at Nanticoke, ON, that was carried out for an upgrading of equipment. Stelco also cites higher demand, lower prices and a higher Canadian dollar. Stelco is due to emerge from bankruptcy protection on March 31. Stelco shares will start being traded at the TSE on April 3 at an initial price of $5.50.

Saturday Mar 18, 2006 ts Stelco can get funds held in trust
The judge overseeing Stelco Inc.'s bankruptcy protection ruled yesterday that assets being held in trust may be handed over to the Hamilton-based steel maker.

Tuesday Mar 14, 2006 rci Stelco Inc., Canada's biggest steelmaker, will have a new CEO when it emerges from bankruptcy at the end of the month. Rodney Mott had been the CEO at Ohio-based International Steel Group Inc. before it was taken over last April by Mittal Steel to form the world's biggest steel firm. Mr. Mott will replace Courtney Pratt, who became CEO just a month before Stelco filed for bankruptcy protection in February 2004. His successor had been working in the past month for Tricap Management Ltd., which company will own more than one-third of the new entity through its loan of $375 million. Tricap had insisted on several organizational changes, including the replacement of Mr. Pratt as CEO. He'll in future be the chairman of Stelco's board of directors.

Wednesday Mar 8, 2006 ts Steel maker, dissident settle
Algoma Steel Inc. has settled a fight with its biggest shareholder by paying out $200 million more to investors but a union leader calls the deal "corporate terrorism." Tony Van Alphen reports.

Tuesday Jan 17, 2006 ts How high can steel bids go, analysts wonder
The heated courtship continues in Hamilton as Luxembourg-based Arcelor SA has once again raised its bid for steel giant Dofasco Inc.

Tuesday Jan 10, 2006 rci The CEO of Stelco of Canada, Courtney Pratt, has been asked to step down as the Canadian steel giant nears the end of a tumultuous two-year restructuring. On Monday, the Hamilton-based steelmaker announced that three of the firm's new financiers---who will own the majority of the company if it successfully emerges from bankruptcy protection---plan to replace Mr. Pratt as chief executive. They have suggested they want him to remain involved with the company, replacing Richard Drouin as chairman of the board. Mr. Pratt is inclined to accept the proposal but is not sure what his next career move will be. Mr. Pratt said that a formal search process for a chief executive has not started yet. Stelco is expected to come out of bankruptcy protection at the first of March."

2005

Saturday Dec 24, 2005 rci European steel giant Arcelor SA of Luxenbourg has improved its offer to acquire Canadian steel company Dofasco Inc. and its new bid surpasses a friendly offer by German steelmaker ThyssenKrupp. Arcelor on Friday offered a bid of $4.9 billion, or $63 per share. The offer exceeds the German firm's bid of $4.8 billion, or $61.50 a share, an offer which Dofasco's directors had advised shareholders to accept. Arcelor's CEO, Guy Dolle, says his firm remains interested in Dofasco as a pathway to North American markets. Dofasco chiefly sells steel to U.S. automakers.

Tuesday Dec 6, 2005 rci Ontario Superior Court on Monday extended bankruptcy protection for Canada's biggest steelmaker, Stelco Inc., but only by 22 hours. Stelco told the court it needed the hours to make sure that enough creditors will agree to its restructuring plan presented on Nov. 23 for it to be accepted the creditor vote scheduled for Dec. 9. The vote has been repeatedly postponed. The plan involves a loan of $150 million from the province of Ontario and a financing deal with Tricap Management Ltd. Stelco has been under bankruptcy protection since January 2004.

Sunday Dec 4, 2005 ts More trouble in 2-year restructuring effort
Stelco's long-awaited restructuring plan could be in trouble — again.

Wednesday Nov 30, 2005 rci Shares of Canadian steelmaker Dofasco Inc. rose by five per cent to $64.45 on Tuesday, one day after a friendly takeover bid by ThyssenKrupp SA. The German firm presented a bid worth $4.8 billion, or $61.45 a share. The deal comes with a break fee of $100 million, a sum which investors seem not to think will prevent a higher bid for Dofasco. ThyssenKrupp's bid surpassed the unsolicited hostile bid of $56 a share for the Canadian steelmaker by Arcelor SA of Luxembourg.

Tuesday Nov 29, 2005 rci Canadian steelmaker Dofasco Inc. and German steel conglomerate have announced a friendly takeover of the Hamilton, ON-based firm. ThyssenKrupp AG will pay $4.8 billion, or $61.50 a share. The offer for Dofasco is worth 10 per cent more than the hostile offer put forward by Arcelor SA of Luxembourg, the world's second-biggest steelmaker. ThyssenKrupp's CEO, Karl Kohler, says the merging of the two companies will make the new one a "truly global steel company." He added that the acquisition of Dofasco is ideal for his firm expand in North America. Mr. Kohler says ThyssenKrupp sold only five per cent of its steel in North America last year, and the acquisition of Dofasco would increase that figure to 30 per cent. He also says that the fact the two companies' operations don't overlap obviates the need for restructuring or layoffs.

Tuesday Nov 29, 2005 ts Bidding for Dofasco heats up
Dofasco Inc. has quickly found a white knight to fend off a hostile takeover, but the market is betting the eventual winning suitor will offer more, writes Tony Van Alphen.

Monday Nov 28, 2005 ec The steel industry UPDATED
China’s appetite for steel has provided the rest of the world’s big producers with a rare period of boom and helped to finance a buying spree, of which the past week's bids for Dofasco are just the latest example. But burgeoning Chinese steel production threatens to flood the market and test whether sheer size will offer any protection to the world’s steel giants
Full article

Saturday Nov 26, 2005 ec China’s appetite for steel has provided the rest of the world’s big producers with a rare period of boom and helped to finance a buying spree, of which Arcelor’s hostile bid for Dofasco is just the latest example. But burgeoning Chinese steel production threatens to flood the market and test whether sheer size will offer any protection to the world’s steel giants
Full article

Saturday Nov 26, 2005 rci Canadian Stelco Inc. said late Wednesday that the bankrupt steelmaker had reached a restructuring accord with its bondholders and the United Steelworkers union. Stelco's CEO, Courtney Pratt, says the accord was reached after the Ontario government agreed to increase its proposed $100 million loan by one-half and the federal government agreed to invest $30 million in Stelco's planned electricity cogeneration project. The company's bondholders were to have been paid 66 cents on each dollar of debt but had threatened to vote the offer down at a creditors' meeting last week which was cancelled. The meeting has been rescheduled for Dec. 2. Mr. Pratt says he hopes Stelco will emerge from bankruptcy protection in January after 23 months. Canada's biggest steelmaker owes its creditors $600 million.

Thursday Nov 24, 2005 ts Stelco reaches last-minute deal on restructuring
Stelco Inc. has finally struck a deal on a restructuring plan that it believes both its bondholders and employees will support, Tara Perkins reports.

Thursday Nov 24, 2005 rci TORONTO: DOFASCO GETS HOSTILE TAKEOVER BID
Luxembourg-based Arcelor SA, the world's second-biggest steelmaker, has offered to acquire Canadian steel company Dofasco Inc. for $4.3 billion, or $56 a share, a bid which the Hamilton firm's directors have advised shareholders to reject. Acelor's offer is worth more than 27 per cent more than Dofasco stock's closing value on Tuesday. The bid is the latest sign of the consolidation in the world's steelmaking industry. Last year, there were 117 steel mergers worth $31.4 billion US. So far, Canada's three biggest steel firms, Dofasco, Algoma Steel and Stelco Inc., which is bankrupt, have resisted the trend. But Arcelor's CEO, Guy Dolle, says that although his firm isn't interested in Algoma or Stelco, Dofasco won't be able to resist the trend indefinitely.

Wednesday Nov 16, 2005 ts Stelco delays critical vote
Stelco Inc.'s future remains uncertain today after the steel giant postponed a critical vote on a restructuring plan yesterday because it could not get enough support from bondholders, writes Tony Van Alphen.

Sunday Nov 13, 2005 rci Stelco Inc., Canada biggest steelmaker, has announced a loss of $42 million, or 41 cents, in its third quarter. Some of the losses of Stelco and its competitors are due to their customers' decision to stockpile large supplies of steel last year as a hedge against rising prices. The company's CEO, Courtney Pratt, says the quarterly results show the need for its creditors to accept its restructuring plan. Stelco has been in bankruptcy protection for the past 21 months. On the positive side, Stelco says it has recovered its business with General Motors. GM said it wouldn't continue to be Stelco's best customer because the company couldn't persuade the United Steelmakers union not to go on strike at a plant in Nanticoke, ON.

Saturday Nov 5, 2005 ts Stelco creditors win vote on overhaul
Stelco's creditors will finally vote Nov. 15 on a restructuring plan for the legally insolvent steel giant after the Ontario Court of Appeal rejected a request by some of them to stop the deal.

Saturday Nov 5, 2005 rci Bondholders of bankrupt Stelco Inc. have lost their attempt in Ontario Appeals Court to have a lower court ruling invalidated. The higher court upheld Ontario Superior Court's decision to approve the steelmaker's agreements with the Ontario government and a subsidiary of Brascan Corp. for $550 million of financing as part of its restructuring plan. Stelco's creditors will vote on the plan on Nov. 15. Despite the court defeat, the bondholders say they'll vote against it. For the plan to pass, creditors holding two-thirds of Stelco's debt of $640 million would have to approve. The bondholders therefore have the power to vote the plan down. Stelco, Canada's biggest steelmaker, has been under bankruptcy protection for the past 21 months.

Friday Nov 4, 2005 rci Stelco Inc., Canada's biggest steelmaker, says it has two sold three of its affiliates, two in Quebec and one in Ontario, to the world's biggest steel manufacturer, the Dutch firm Mittal. Stelco didn't offer financial details of the sale to the Rotterdam-based company. The affiliates are being sold as part of Stelco's restructuring plan, which involves concentrating the company's operations at its facilities in Hamilton and Nanticoke, ON. Stelco has been under bankruptcy protection for the past 21 months. On Nov. 15, there will be a creditors vote in its solvency plan to emerge from it. Bondholders have said they'll vote against the plan.

Friday Oct 28, 2005 ts Paulson & Co. turns up heat on Algoma
Algoma Steel Inc.'s largest shareholder has formally requested a special shareholder meeting to consider an unsolicited proposal to reorganize the steel company's finances and pay out about $420 million to shareholders. Sharda Prashad reports.

Wednesday Oct 5, 2005 rci Ontario Superior Court has extended bankruptcy protection for Canada's biggest steelmaker, Stelco Inc., to Dec. 5, as the company continues to try to put together a restructuring plan that meets the wishes of all of its stakeholders. The court also gave Stelco permission to accept a $100-million loan from the Ontario government, as well as to enter into a $450-million loan agreement with Tricap Management Ltd. The outcome of the present plan is uncertain. Lawyers representing the company's creditors complain that the loan agreement with the province puts too much money into Stelco's pension plan and therefore will be voted down. The condition for the government loan is that Stelco put $400 million into the plan immediately to start making up its pension deficit of $1.3 billion. The creditors also think the company could obtain a better financing offer than Tricap's.

Wednesday Sep 21, 2005 rci Stelco Inc., Canada's biggest steelmaker, and its labour union have told Ontario Superior Court that they have reached an agreement on how to bring the company out of bankruptcy protection, an accord which the provincial government also is a party to. Under the terms of the accord, existing shareholders would see their stock wiped out. Secured creditors would be completely covered, while unsecured creditors, who are owed $660 million, would be paid a sum to be determined later. As well, the provincial government, with the union's consent, has allowed Stelco to make fixed payments on its pension deficit until the year 2015, and to make a pension down payment of $400 million. The parties will formally present the restructuring package on Thursday.

Friday Sep 9, 2005 rci Ontario Superior Court has granted yet another extension of its period of bankruptcy protection, the latest of two weeks' duration. The court responded to Stelco's request for more time to negotiate with its stakeholders, including the Ontario government and the United Steelmakers union, both of which are concerned, among other things, about what they consider inadequate provisions for Canada's biggest steel producer to make up its pension deficit in the company's restructuring plan.

Saturday Sep 3, 2005 rci Stelco Inc. has asked for a ninth extension of its protection from its creditors. The eighth was scheduled to end on Sept. 9 but Canada's biggest but bankrupt steelmaker has asked Ontario Superior Court to extend it to Sept. 23. to give the company time to respond to accusations levelled earlier in the week by two members of the Board of Directors who have resigned. The company also says it needs more time to complete discussions with its stakeholders about how much of Stelco's remaining assets will go to each group.

Monday Aug 29, 2005 ts Stelco plans wind farm near Nanticoke
Stelco Inc. isn't out of bankruptcy protection just yet, but the steel giant appears to have the wind back in its sails. Canada's largest steel producer, which is at the centre of a $350 million lawsuit after backing out of a major wind development project in April, has decided to go it alone with plans for a 40-turbine wind farm around its Lake Erie steel plant in Nanticoke.

Friday Aug 26, 2005 rci TORONTO: MERGERS PREDICTED FROM STEEL GLUT There has been a prediction that the present production overcapacity in Canada's steel sector will lead to mergers and takeovers. The PricewaterhouseCoopers accounting firm reports that there were 117 such transactions worth $31.4 billion in 2004 and that the trend will likely continue. The firm says that consolidation will give the resulting concerns greater bargaining power with suppliers and customers. PricewaterhouseCoopers says that one of the factors driving that consolidation is ever-increasing iron ore prices. The firm's report suggests that steelmakers buy their own iron mines to alleviate the burden of those prices.

Saturday Aug 20, 2005 rci Stelco sells Stelpipe in Welland
Stelco Inc., the legally insolvent but profitable steel giant, has sold its Stelpipe subsidiary to a Toronto investment firm for an undisclosed sum.

Friday Aug 19, 2005 rci Justice James Farley of Ontario Superior Court has congratulated>b> Stelco Inc. and the United Steelworkers union to be finally off "on a good start" after 567 days of bankruptcy protection for Canada's biggest steelmaker. Justice Farley offered his congratulations on Thursday, one day after the union dropped its demand that a $1.35-billion refinancing by Tricap Management Ltd., a subsidiary of the Brascan conglomerate, be submitted to a creditors' vote. The union had argued that Stelco's own restructuring plan left the company too deeply in debt and didn't go far enough to resolve Stelco's $1.3-billion pension deficit. The union agreed instead to resume negotiations with the company.

Thursday Aug 18, 2005 rci The United Steelworkers Union has dropped its attempt to force Stelco Inc. to entertain refinancing bids from Tricap Management Ltd., The union was to have appeared in Ontario Superior Court on Thursday to explain why it thought that Tricap could improve Stelco's own restructuring plan. Both the union and Canada's biggest but bankrupt steelmaker say they'll resume negotiations on the plan. The union has been chiefly concerned with what it considers Stelco's insufficient efforts to end its pension shortfall. Stelco has been under bankruptcy protection for the past year-and-a-half.

Friday Aug 5, 2005 Algoma Steel (AGA : TSX : $29.10) Net Change: -1.90, % Change: -6.13%, Volume: 3,217,000 You can buy the steel - not the company. Shares continued to slide Thursday after the steelmaker's quarterly results indicated that growth momentum is slowing. For the third consecutive quarter, Algoma's EPS declined from the previous quarter, this time by 27.4% to $1.61, which was also down 21.4% from the same quarter a year ago, but did beat the $1.44 First Call estimate. Management blamed the decline on declining steel prices combined with rising costs, which indicates that steelmakers are facing a margin squeeze. Looking forward, management indicated that it expects to see further steel price declines this quarter, while costs are expected to continue to rise with the full impact of iron ore prices being felt, plus the impact of higher coal costs due to supply disruptions at Algoma's main coal supplier. In the near term, the announcement of a $6.00-per-share special dividend could provide some support, but over time, industry difficulties are likely to continue to overhang the stock - in addition to the fact that Algoma says it's not for sale.

Monday Aug 1, 2005 ts Stelco served with 90-day strike notice
Stelco Inc. could face problems filling steel orders from key customers this fall after a union local slapped the company with a strike notice yesterday.

Tuesday Jul 19, 2005 rci Ontario Superior Court has granted Stelco Inc., Canada's biggest steelmaker, an eighth extension of its bankruptcy protection. The latest deadline is Sept. 9. However, the court warned the company and its stakeholders that the protection cannot be extended forever and that unless there's agreement among them the company will fail. On Friday, Stelco formally proposed a restructuring plan to emerge from bankruptcy. Under the plan, shareholders would own less than two per cent of the company but have options to buy 10 per cent more of the firm's equity. Stelco's pension deficit would be eliminated by 2015. Only creditors whose debts are in danger of default would be allowed to vote on the restructuring plan.

Sunday Jul 17, 2005 Stelco tries again to please everyone
Profitable yet insolvent Stelco Inc. made its second attempt at restructuring yesterday with a proposal that it says demands no concessions from workers while paying down the $1.3 billion pension deficit within 10 years.

Sunday Jul 17, 2005 rci Stelco Inc., Canada's biggest steelmaker, has presented to Ontario Superior Court its plan to emerge from bankruptcy, a plan which it wants to start implementing on Sept. 30. Under the plan, stockholders would end up owning less than two per cent of Stelco, but they would have the option of buying more shares in a rights offering of $100 million. The plan doesn't stipulate contract concessions for employees and wouldn't affect retirees. Stelco would make up its deficit of $1.3 billion to the pension fund by 2015. The Hamilton-based steel firm will begin discussions of its proposals with stakeholders next week.

Monday Jul 4, 2005 rci More trouble for Canadian steelmaker Stelco. An Ontario judge who has been supervising the company's attempts to avoid bankruptcy has ruled that as of Monday, auditing firm Ernst & Young will be empowered to negotiate a deal between Stelco's shareholders and the company's creditors. Stelco had been trying for 17 months to reach such a deal and had hoped to keep trying until September, but Justice James Farley refused. The price of steel on international markets has fallen by about 20 per cent since April.

Friday Jun 10, 2005 ts
Georgian Windpower seeks to sue Stelco over failed deal
Georgian Windpower Corp. wants $350 million in damages from Stelco Inc., claiming the legally insolvent Hamilton steel maker tossed out an agreement to replace coal-fired generators with wind turbines.

Friday Jun 10, 2005 rci Dofasco Inc., one of Canada's biggest steelmakers, has announced that it will pay $306 million to acquire a one-third share of the Quebec Cartier Mining Co., an iron ore firm on Quebec's North Shore. Dofasco already owns the other two-thirds. The acquisition is being made from CAEMI of Brazil and an investment agency of the Quebec government. Quebec Cartier earned $80.9 million in 2004, and has contracts for all of its production for this year and next. The iron ore firm has profited from high world iron prices, sparked in part by demand from China.

cc Dofasco (DFS) climbed higher after the maker of flat-rolled and tubular steel for the automakers and other engineers agreed to buy the rest of iron ore producer Quebec Cartier Mining Co. for $306 million and said it planned to sell part of Cartier in a public offering.

cc Dofasco (DFS : TSX : $37.18)
Net Change: 3.58, % Change: 10.65%, Volume: 2,703,800
If you can't beat 'em, join 'em! Over the last few months, we have been commenting on the potentially negative impact that sharply rising iron ore prices could have on steel producers' margins this year. Dofasco, however, appears to have found a way to potentially turn this negative development into a positive one. Dofasco announced Thursday that is has agreed to acquire nearly all of the interest in iron ore producer Quebec Cartier Mining Company (QCM) from Brazil's CAEMI and Investissement Quebec for $306 million. Once completed Dofasco is expected to own 98.7% of the shares of QCM, which generated revenues of $621.4 million and earnings of $80.9 million on shipments of 13.6 million tonnes. QCM's revenues are expected to increase further this year, F05 production is already sold out with pellet prices increasing by 86% and iron ore prices up 71%. Up to the end of May, QCM generated $347.7 million in revenues and earned $98.6 million. This deal is very significant as the vertical integration this provides Dofasco should help it to hedge its iron ore input costs. In addition, there is also the potential that the deal could unlock additional value as Dofasco is considering selling a partial interest in QCM to the public as soon as practicable.

Friday Jun 3, 2005 cc Stelco (STE.A : TSX : $1.40)
Net Change: -0.12, % Change: -7.89%, Volume: 1,002,700
It's all coming back to me now - Celine Dion. More evidence suggesting that the steel cycle has peaked appeared yesterday with the release of a profit warning from Stelco. The steelmaker announced that due to lower spot market prices, higher energy costs, and the flow-through of higher cost inventory, operating earnings in Q2F05 are expected to be considerably lower than the previous quarter. Even more troubling, was the news that due to uncertainties surrounding market demand, steel pricing, shipment levels and input costs, that the company cannot provide guidance related to shipments or operating earnings at this time. Because of the reduced visibility going forward, it seems likely that the timing window to get the best possible deal for shareholders has passed as the risk that refinancing terms will become increasingly negative for shareholders as time goes on has increased.

Monday May 16, 2005 ts Union slams Stelco proposal Stelco Inc., which is trying to reverse decades of poor labour relations, has alienated its workers again by proposing a freeze of more than 10 years on pension improvements, union leaders say.

Enjoy it while it lasts Mar 4th 2005

Saturday May 14, 2005 The adviser to the province of Ontario in the matter of the restructuring effort of Canada's biggest steelmaker, Stelco Inc., says that the plan which it submitted to its creditors on Thursday is unacceptable because it doesn't address the issue of the company's pension fund shortfall. Stelco owes the fund $1.3 billion. Jim Arnett says the plan is "unacceptable" and that Stelco ought to consider or reconsider any acquisition or refinancing bids that may be still on the table. The bankrupt company has rejected several such bids and now says it intends to resolve its financial difficulties by a recourse to capital markets. The United Steelworkers union wants Stelco to consider a $1.3 billion refinancing offer from a subsidiary of the Brascan conglomerate. Tricap Management Ltd. has proposed to put $500 million that amount into the pension fund.

Friday May 13, 2005 cc United States Steel (X : NYSE : US$38.98) Net Change: -3.12, % Change: -7.41%, Volume: 8,391,000 Steel Sector Blues. Evidence continues to mount that suggests that the steel sector has passed its peak for this cycle. Earlier this week, Algoma Steel (AGA) announced that it earned $2.22 per share in Q1F05, a significant drop from the $3.05 per share it earned in Q4F2004 but still well above the $0.74 it earned per share a year ago. Management noted that surplus inventories at service centres have remained high, putting pressure on spot prices which have declined each month so far this year. Combining this with an expected 85% increase in iron ore costs, the company expects its earnings to continue to decline in Q2F05. In addition, late Wednesday, US Steel announced that it will be taking its largest blast furnace offline later this month, two months earlier than planned, ahead of a planned rebuild later this summer. Because of this, US Steel noted that it expects its production to decline by 7% in Q2F05 and expects that its shipments in F2005 will fall short of its previous guidance of 14.5 million tonnes. Although US Steel noted that it wishes to ensure efficiency through the rebuild period, we suspect that if the steel market was still hot, the furnace would have been kept running as long as possible. While Algoma did note that production cutbacks in the industry and declining imports may help to stabilize prices, we suspect they could still remain at lower levels that those that prevailed in last year's red-hot market. This industry trend is particularly bearish for Stelco (STE.A) as it suggests that the window for getting the best restructuring deal possible may have already closed. Algoma, on the other hand, could attract some support as a potential takeover candidate as it currently has a review of strategic alternatives underway and noted that it has started discussions with and provided information to potential purchasers.

Monday May 2, 2005 ts Stelco seeks help from mediator Stelco Inc. says it`s stuck and needs immediate outside help to pull it out of bankruptcy court protection.

Thursday May 12, 2005 rci Meanwhile, one of Stelco's competitors, Algoma Steel Inc. of Sault Ste. Marie, On, says it will announce within several months whether it has found a buyer. Its CEO, Denis Turcotte, told the annual shareholders meeting that shareholders will have to "be patient" for a while until negotiations are completed. Algoma enjoyed record profits last year. Mr. Turcotte says that until the question of a takeover is settled, the shareholders will have to wait to see whether they'll be entitled to a special dividend or some other form of return on Algoma's profits.

Monday May 2, 2005 ts Amazing turnaround in quarter
Sizzling Stelco Inc., which is still legally insolvent, has posted the biggest first-quarter profit in its history while creditors wait for the company to emerge from court protection.

Wednesday May 11, 2005 rci Stelco Inc. reports a first-quarter profit of $43 million, or 48 cents a share, a company record. Stelco managed the profit despite $21 million in restructuring costs. Those costs included payment of $11 million to Deutsche Bank as a break fee. The bank was one of several bidders to take over or to refinance Stelco, preferring instead to solve its financial problems by raising money in capital markets. The Hamilton-based company also says it expects to stay under bankruptcy protection until September but that it will present a business plan for its post-bankruptcy to stakeholders confidentially on Thursday.

Monday May 2, 2005 globe Investors want Stelco to cover fees Steel maker getting close to presenting restructuring plan

Sunday Apr 24, 2005 ts Clouds gathering over Stelco The court-appointed monitor overseeing Stelco Inc.`s insolvency says steel prices are sliding and the industry`s direction is uncertain, raising the spectre of possible trouble ahead in the company`s restructuring.

Sunday Apr 17, 2005 The United Steelworkers union has asked Ontario Superior Court to grant to the Brascan Corp. official status as the union's financial status as its advisor. The union's purpose is to enable Brascan to gain access to Stelco's Inc.'s books. Earlier this week, Stelco rejected a bid by one of Branscan's subsidiaries to invest $1.3 billion in a restructuring for Stelco, which has been under bankruptcy protection for the past 15 months. Tricap Management Ltd. and the United Steelworkers revealed the bid jointly. Stelco has in recent weeks rejected several takeover or refinancing bids, saying it will solve its financial problems by obtaining money on capital markets. Hamilton-based Stelco is Canada's biggest steelmaker.

Tuesday Apr 12, 2005 rci Stelco Inc., Canada's biggest steelmaker, has reported a fourth-quarter profit of only $1 million. Stelco says one reason for it was an $18 million pre-tax charge to write off property and equipment at two of its subsidiaries. The company had predicted a quarterly profit between $45 million and $50 million. Stelco has been under bankruptcy protection since January 2004. The company is trying to emerge from it this summer by raising money on capital markets.

Tuesday Apr 5, 2005 Stelco Inc., Canada's biggest steelmaker, says the company will release financial results for 2004 next Monday, including its fourth-quarter results. The results were delayed by the bankrupt firm's ongoing restructuring effort. Despite that process, Stelco is expected to release strong yearly profits, the company having been buoyed by strong world steel prices. The company is hoping to emerge from bankruptcy this summer and to solve its financial problems by applications to capital markets.

Wednesday Mar 9, 2005 ts
Market cheers Stelco picture Profit expectations fired up Stelco`s shares to their highest level in more than two years yesterday.

Wednesday Mar 9, 2005 TORONTO: STELCO'S 2004 EARNINGS LEAP
Stelco Inc., Canada's biggest steelmaker, says it expects to have earned a 2004 profit of $400 million, or twice as much as it had forecast. The Hamilton, On.-based firm has benefited from a strong international steel market. Stelco has been under bankruptcy protection for the past 15 months. Its CEO, Courtney Pratt, says that despite the company's excellent performance last year, Stelco needs to secure new capital before emerging from bankruptcy. Earlier in the month, the steelmaker rejected four bids either to refinance or to acquire Stelco.

Thursday Mar 3, 2005 rci Directors of Stelco Inc., Canada's biggest steelmaker, caused surprise late Tuesday night by rejecting all four takeover or refinancing bids it had received. Stelco's CEO, Courtney Pratt, says the insolvent company will try to emerge from bankruptcy protection by issuing new shares and by turning to capital markets in order to assume new corporate debt. The four bidders were Severstal of Russia; TD Securities; Deutsche Bank; and Sherritt International and the Ontario Teachers' Pension Plan in a joint bid. The development shocked some stakeholders who had been saying for months that Stelco shouldn't be in bankruptcy because it's making money and that the solution to its problems were capital markets not a takeover. The company will appear in two weeks in Ontario Superior Court, which is overseeing the bankruptcy, to ask for approval of its new strategy.

Wednesday Feb 23, 2005 ts
Big Steel weighs wind power Stelco Inc. is looking at establishing a massive wind farm on its 2,200-acre property in Lake Erie that would supply enough clean electricity to power its entire Nanticoke steel plant. Tyler Hamilton reports.

Thursday Jan 6, 2005 cbc 7 SUITORS OUT TO WOO STELCO The boom in the international steel market was underlined Wednesday when it emerged that a total of seven parties were interested in buying part or all of Stelco, the insolvent Canadian steel maker.

Wednesday Dec 22, 2004 ts
Teachers, Sherritt bidding for Stelco
The country`s biggest single pension plan and a brash mining company have jumped into the battle for Stelco Inc. with a blockbuster $1.8 billion bid.

Wednesday Dec 22, 2004 cbc
STELCO ATTRACTS MORE SUITORS The Ontario Teachers' Pension Plan and Sherritt International have teamed up to launch a $1.8 billion recapitalization plan for insolvent Stelco.

Wednesday Dec 22, 2004 TORONTO: CANADIAN COMPANY IN BID FOR COUNTRY'S BIGGEST STEEL MANUFACTURER Confirming rumours, Canada's third-largest steel company, Algoma Steel of northern Ontario, announced on Tuesday that it would bid for control of the country's biggest steel company, Stelco of Hamilton. Stelco has been operating under court-ordered bankruptcy protection since the beginning of the year. Foreign companies in Russia and the United States have already indicated interest in buying Stelco. They will have to surpass an offer of CDN$900 million by Germany's Deutsche Bank. Formal offers must be made by Jan. 31. In announcing his company's interest, Algoma's CEO, Denis Turcotte, said that a potential sale would go through only if "significant issues" could be satisfactorily addressed. Algoma has faced bankruptcy on two occasions. At one time, it was owned by Canada's second-biggest steel company, Dofasco. In its latest restructuring in 2002, Algoma received a boost when the Ontario government assumed CDN$305 million of Algoma's liabilities.

Friday Dec 3, 2004 TORONTO: BIDDER FOR STELCO DROPS OUT One of the companies bidding for an equity share in Canada's biggest steelmaker, Stelco Inc., has dropped out of the competition. GMP Securities Ltd. of Toronto had made a joint bid with GE Capital worth $1.1 billion. GMP's managing director, Harris Fricker, explained that the restructuring process established by Ontario Superior Court for Stelco doesn't allow an equity capital intermediary like GFP to compete effectively. Last week, Last week, the court ruled that the $900-million offer by Deutsche Bank is the benchmark bid that other bidders would have to exceed. GMP's decision leaves in addition to the German bank U.S. Steel and OAO Severstal of Russia in the competition over Stelco. The Hamilton-based company has been under bankruptcy protection since Jan. 29.

Tuesday Nov 30, 2004 rbc Setllco Inc. (TSX: STE.A) Not Rated Speculative Price: $2.22 Target: N.A. A proposal by GMP Securities Inc. and GE Canada Finance Inc. (GMP/GE proposal), to refinance Stelco Inc., by making current liability holders “whole”, would leave something for current shareholders and creates a calculable value for existing common shareholders.

Tuesday Nov 30, 2004 ONTARIO: COURT ACCEPTS GERMAN BID AS 'BENCHMARK' FOR STELCO Ontario Superior Court has accepted a $900-million bid to invest in Stelco Inc., Canada's biggest steelmaker, by Deutsche Bank as the "benchmark" which would have to be exceeded by other interested parties. If accepted by the shareholders, the German bank woould acquire a near one-half equity share in a restructured Stelco. The Hamilton-based steelmaker has been under bankruptcy protection since Jan. 29. The Russian firm OAO Severstal, U.S. Steel, and GMP Capital in a joint bid with GE Capital have expressed interested in taking over Stelco. The court says that if they think Stelco is such a prize, they'll simply have to outbid the bank.

Sunday Nov 28, 2004 tsTop Stelco client finds new source
International Steel Group (ISG) has won the General Motors business that Stelco Inc. lost earlier this week.

Sunday Nov 28, 2004 : STELCO SHARES BOUND
Shares of Canada's biggest steelmaker rose by more than one-fifth on Friday, closing at $2.20. Investors are apparently betting that on Monday Ontario Superior Court will reject a bid by Deutsche Bank to invest $900 million in Stelco Inc., which has been under bankruptcy protection for the past 11 months. A rival joint bid by GMP Capital Corp. and GE Capital is worth $1.05 billion. The investors on Friday evidently speculating that the court will establish that offer as the benchmark offer for Stelco instead of the bank's, which would have to be topped by other bidders. GMP Capital and its partner, as well as OAO Severstal and U.S. Steel oppose Deutche Bank's offer because if they surpassed it to get hold of Stelco, they would be compelled to pay a break fee embedded in the German bank's proposal.

Friday Nov 26, 2004 Ontario Superior Court has extended the bankruptcy protection for Canada's biggest steelmaker to February 11. The court ruled that Stelco Inc. needs more time to carry out its restructuring. The court also said it will defer until at least Monday a decision on whether a $900-million investment offer by Deutsche Bank must be considered a floor bid which competitors would have to exceed. At least three other companies have expressed an interest in acquiring the Hamilton, Ont.,-based steel firm: GMP Capital and GE Capital, which put in a joint bid; OAO Seeverstal of Russia; and U.S. Steel Corp., which announced its interest on Wednesday.

Wednesday Nov 24, 2004 TORONTO: STELCO RESTRUCTURING EFFORT SUFFERS SETBACK
The biggest customer of Canada's biggest steelmaker has announced it will withdraw its business for the next year. General Motors made the announcement in response to Stelco Inc.'s failure to guarantee there would not be a labour conflict at its Fort Erie plant. This in turn has jeopardized the $900-million investment offer for Stelco by Deutsche Bank, which had made the offer conditional upon Stelco's retention of GM as a customer. Stelco has been under bankruptcy protection since January. In another setback, the Dominion Bond Rating Service has announced that Stelco's credit rating remains below investment grade. DBRS bases its assessment on "onerous" labour agreements and the high Canadian dollar. Stelco earned $100 million in its second and third quarters due to the high demand for steel in world markets. But the rating agency says