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2009

Monday 18 May 2009 CAMBRIDGE: STEELWORKERS DECLARE STRIKE
Steelworkers at a mill in southern Ontario declared a strike on Saturday. The strike involves almost 200 workers at the Gerdau Ameristeel plant in Cambridge, including some who were laid off in January. The workers object to a company proposal to lower their wages and benefits. The company says that it's trying to operate in a tough economic period. Gerdau is an American-owned company based in Florida. Earlier this year, a major steel plant in Hamilton in southern Ontario laid off its entire workforce indefinitely because of sagging demand for its products.

Friday 08 May 2009 OTTAWA: GOVT. WORRIED BY STEEL CLOSURES
Federal Industry Minister Tony Clement has warned U.S. Steel that it must respect its commitments under the agreement by which it acquired former Stelco Inc. facilities in Ontario in 2007. Mr. Clement says he has sent a "demand letter" to the American firm warning that its temporary shutdowns of plants in Hamilton and Nanticoke may constitute a violation of undertakings regarding capital expenditures, R & D and production. The shutdowns have idled 1,500 workers. The minister says that although he recognizes that these are "challenging economic times," he expects U.S. Steel to respect its promises. The "demand letter" is the first step in the enforcement process of the Investment Canada Act, by which a court can order an offender to divest itself of its Canadian operations if found in violation.

Thursday 09 April 2009 MONTREAL: ARCELOR TO CARRY MORE LAYOFFS
Arcelor Mittal, the world's biggest steel firm, has announced its will shut down indefinitely some of its operations at Contrecoeur, QC, near Montreal. Arcelor says the shutdowns are due to the worldwide slump in the demand for steel. The United Steelworkers union says 450 workers at Contrecoeur had already been laid off in 2008. Arcelor Mittal SA issued a statement from its head office in Brussels on Wednesday saying that it would not lift its sharp production cuts while demand remains low and stocks are used up. See Steel

Saturday 07 March 2009 TORONTO, OTTAWA: PREMIER REASSURING ON STELCO PENSIONS
Premier Dalton McGuinty says he has received assurances from U.S. Steel Canada, formerly known as Stelco, that the company's workers in and near Hamilton, ON, will receive their pensions, despite the 1,500 layoffs announced on Tuesday. The premier says the Pittsburgh-based steelmaker has told his government that it will honour both pension benefits and repay its loans to the Ontario government. Ontario lent $100 million to Stelco in 2005 and Mr. McGuinty says he's confident that the money will be repaid. Mr. McGuinty says that he doesn't known when the supposedly temporary layoffs in Hamilton and the nearly Lake Erie operations will end. He did say that the latest job losses to the province's industrial sector demonstrate that the government's announcement on Tuesday that will will run an $18-billion deficit over the next two fiscal years is justified. The province's opposition parties claim that the Liberal government's policies on taxes and electricity pricing are partly responsible for the layoffs. In another development, federal Industry Minister Tony Clement says the government will review whether U.S. Steel Corp. has respected its commitments under the Investment Canada law when it bought Stelco in 2007.

Wednesday 04 March 2009 TORONTO: HAMILTON SUFFERED JOB LOSS
U.S. Steel Canada, formerly known as Stelco, will temporarily shut its mill in Hamilton, ON, and end most of its operations at nearby Nanticoke. Fifteen-hundred jobs will be affected. The company's Pittsburgh-based parent, United States Steel Corp., says the decision is due to slumping demand for steel. The latter says it will concentrate production at Pittsburgh, PA, Gary, IN and Birmingham, AL.

Tuesday 24 February 2009 TORONTO: STEEL FIRM LAYS OFF 500
Russel Metals Inc., one of the largest metals distribution companies in North America, has announced 500 layoffs and says that executive and white collar salaries will be reduced by 10 per cent. Russel's dividend will be cut by half. The company employs 3,000 people in the Toronto area. Russel says it wants to save $25 million a year because of lower steel prices, rising energy costs and the sagging steel market.

Thursday 05 February 2009 US Senate eases 'trade war' bill
The US Senate votes to soften a "Buy American" clause in an economic recovery package after warnings it might spark a trade war.

OTTAWA: DAY SAYS CANADA NOT OUT OF WOODS YET
International Trade Minister Stockwell Day says he is encouraged to hear US President Barack Obama voice his concerns about protectionist measures before the US Congress. But Mr. Day cautioned that the president's comments to US TV networks Tuesday don't mean Canada is out of the woods yet. Mr. Obama is trying to calm growing Canadian and European concerns that his country will introduce protectionist measures in its economic stimulus package. Mr. Obama says he's not interested in triggering a trade war. Nonetheless, Mr. Day said Canada will keep up its lobbying against the provisions at all levels of the US administration. Mr. Obama will visit Canada later this month, and bilateral trade issues will be high on the agenda during his talks with Prime Minister Stephen Harper.

Wednesday 04 February 2009 Obama wants to avoid 'trade war'
US President Barack Obama says he wants to avoid measures which would signal protectionism or spark a trade war.
Mr Obama was responding to international criticism of a "Buy American" clause in the $800bn (£567bn) US economic recovery package.
The clause seeks to ensure that only US iron, steel and manufactured goods are used in projects funded by the bill.
The EU said the clause would send "the worst possible signal".

Friday 30 January 2009 OTTAWA: CANADIAN STEEL INDUSTRY JEOPARDIZED
Canada is reacting with some concern to a protectionist measure in the huge economic stimulus package now before the US Congress. The package, totalling $825-billion, was passed Wednesday by the House of Representatives, and now faces a vote in the Senate. But the package stipulates that money may go only to infrastructure projects that use iron and steel produced in the United States. The protectionist measure would hurt Canada, whose iron-and-steel industry exports 40 per cent of its production to the United States. Prime Minister Stephen Harper said Thursday that the measure was a serious concern, and that he expected Washington to live up to its commitments under international treaties. He said the policy, if enacted, would violate the spirit of G-20 discussions last year that renounced protectionism during the global economic recession. However, in an interview on Thursday, US Vice-President Joe Biden defended the 'buy American' provision of the package as legitimate and not a harbinger of protectionism

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.

2007

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 that when those markets subside, Stelco's structural problems will again be a problem.

Thursday Jul 22, 2004 ts
Stelco rejects new rescue bid Stelco Inc. has rejected a $1.05 billion rescue bid from GMP Securities and GE Finance Canada that was designed to trump a proposal from Deutsche Bank.

Friday Nov 19, 2004 cbc
SEVERSTAL, STEELWORKERS TO ASK COURT TO BLOCK DEUTSCHE BANK'S STELCO BID
Russian steel company OAO Severstal and the United Steelworkers union will be in court on Monday trying to block Deutsche Bank's $900-million refinancing deal for Stelco. :

Tuesday Nov 16, 2004 ts
Deutsche Bank`s Stelco rescue would give it half
Deutsche Bank`s $900 million rescue bid for Stelco Inc. would leave it with almost half of the steel giant, with existing shareholders owning as much as 9.3 per cent — having paid a premium for their new stock.

Tuesday Nov 9, 2004 ts
Stelco sees more job reductions Stelco Inc. says it has cut its workforce by more than 500 jobs this year and expects a further significant reduction in 2005 as part of efforts to become more competitive.

Sunday Oct 31, 2004 ec
A merger will create the world's biggest steel firm. Consumers, beware

Sunday Oct 17, 2004 TORONTO: RUSSIAN STEEL GIANT REPORTED EYEING STELCO BID
There a report that a powerful Russian steel firm is considering making a bid for Canada's biggest steelmaker. The Globe and Mail newspaper says the Russian steel titan OAO Severstal is weighing the possibility of acquiring Hamilton, Ont.,-based Stelco Inc. Stelco has been in bankruptcy protection since January. The Canadian firm is to present a restructuring plan in Ontario Superior Court next Tuesday. The chairman of Severstal is Alexei Mordashov, one of the "oligarchs" who became enormously rich during the 1990s through the privatization of state concerns. Severstal has no investments in Canada but plans to expand in North America. The Russian firm turned a profit of $597 million in 2003 and is expected to produce 12.5 million tonnes of steel this year. This is the second proposed foreign takeover of a major Canadian company in the past month. Earlier, state-owned China Minmetals proposed to take over the biggest Canadian mineral firm, Noranda Inc., for $7 billion.

Oct 13, 2004 ts Stelco may get lifeline from rights offering to creditors Deutsche Bank, a key player in the revival of Air Canada, has emerged as a potential major shareholder at ailing Stelco Inc.

Sunday Sep 26, 2004 TORONTO: STELCO BANKRUPTCY PROTECTION IN QUESTION
Ontario Superior Court says it will rule "in due course" on the question of whether Stelco Inc., Canada's biggest steelmaker, should be allowed to remain under bankruptcy protection after hearing arguments on both sides of the question. The United Steelmakers union told the court that Stelco cannot claim to be bankrupt after earning a second-quarter profit of $42 million. The union accuses Stelco of trying to use its bankruptcy to wring contract concessions out of its workers. Stelco's lawyer, however, told the court that Stelco would face immediate debt payments of $550 million and would definitely become bankrupt. In January, the company said as well that its pension plans faced a serious shortfall.

Monday Aug 2, 2004 ts
ALGOMA STEEL WORKERS RATIFY CONTRACT Two union locals at Canada's third largest steel producer have given the company three years of labour stability in exchange for improved wages and benefits.

Wednesday 31 Mar 2004 ts
Stelco`s strategy for survival
Ailing Stelco Inc. says it wants to close three operations, sell two plants and invest up to $465 million within the next two years to become competitive.

Wednesday Jun 23, 2004 netw
STELCO MOVING CORPORATE OFFICES BACK INTO STEEL MILL Stelco Inc. announced Tuesday that it's moving its corporate offices from downtown Hamilton back into the steel mill.

Sunday 13 Jun 2004 TORONTO: STELCO FACING LOSS OF LONG-TERM CONTRACT
Canada's largest steel maker, Stelco, faced another crisis on Saturday following word on Friday that its biggest customer, General Motors, was planning to end its long-term supply contract. The contract would be terminated on July 31, the same date on which a labour agreement with workers at Stelco's Nanticoke operation expires. General Motors decided to end its contract when Stelco was unable to guarantee supplies after July 31. In a written appeal to workers, Stelco CEO Courtney Pratt asked them to give General Motors a 90-day warning before going on strike. The workers' union rejected the appeal. The loss of the General Motors contract might be the final blow in Stelco's fight to stave off bankruptcy.

Friday Jun 11, 2004 ts
GM may end Stelco contract HAMILTON—Restructuring steel giant Stelco Inc. is at risk of losing its biggest customer after General Motors Corp. moved to terminate its supply contract over concerns about a potential strike next month by 1,000 workers at a key Stelco facility.

Friday May 7, 2004 cbc
STELCO LOSES $36M IN Q1 Steelmaker Stelco Inc., which has been in creditor protection since late January, lost $36 million in the first three months of this year, the company reported Thursday.

Saturday May 1, 2004 TORONTO:
UNION OPPOSES STELCO PLAN FOR PENSION SHORTFALL The United Steelworkers union says it opposes the apparent plan by the country's biggest steelmaker to persuade governments to step in to help make up the pension fund shortfall of $1.25 billion. The union says such a development would mean that ordinary taxpayers would be paying Stelco Inc. pensioners and would do nothing to make the bankrupt company more competitive. The union says it prefers collective bargaining with the company as a way to help it reduce costs and emerge from bankruptcy protection. The union has gone before Ontario Superior Court with a request that the protection be lifted on the grounds that Stelco is feigning bankruptcy to wrest contract concessions from the union. Several of Stelco's competitors, including Algoma Steel, Dofasco and Ipsco, have recently reported better financial results. The union says this proves that Hamilton, Ont.,-based Stelco's problem is not its pension fund but rather incompetent management.
TORONTO: ONT. VOWS TO HELP INSOLVENT STEELMAKER
The premier of the province of Ontario has promised his government will offer financial aid to Canada's biggest but also bankrupt steelmaker. Premier Dalton McGuinty says it's premature how much money the government will pony up to help Stelco Inc. to restructure. Ontario's finance minister, Greg Sorbara, says it will be "many months" before the government will be able to determine what its role will be in assisting the Hamilton-based steelmaker. Stelco's vice-president of corporate affairs, Tim Huxley, says he's encouraged by Mr. McGuinty's promise of help. Stelco has been under bankruptcy protection for the past year. On Tuesday, Stelco warned that will inform the financial community that it is likely to have lost $563 million last year. The company also warned employees and pensioners that Stelco faces liquidation unless they offer concessions.

Friday Apr 23, 2004 ts
Stelco`s `culture of mistrust`
Struggling Stelco Inc. says it must overcome a deep and long-standing mistrust between management and employees soon to survive.

Friday Apr 23, 2004 TORONTO:STELCO SAYS IT'S REALLY BROKE
The new CEO of Canada's biggest steelmaker, Courtney Pratt, says Stelco Inc. is truly insolvent. Mr. Pratt says it's important the company's employees believe that so the company can restructure and emerge from bankruptcy protection, where it has been lodged since January. The United Steelworkers union has asked Ontario Court of Appeal to rescind that protection on the grounds that Stelco is only pretending to be bankrupt to coerce the union into accepting contract concessions on jobs, wages and pension benefits. A decision is expected late next month. The Canadian Press news agency report that the company will make public within 10 days a study which purports to prove that 24,500 jobs would be lost directly and indirectly if Stelco is liquidated. According to CP, Stelco also will ask the federal and Ontario governments for financial help to cover the company's pension deficit of $1.25 billion.

Saturday 27 Mar 2004 cbc
SALE OF SLATER'S HAMILTON SPECIALTY BAR FACTORY APPROVED There was a little bit of relief for Hamilton's beleaguered steel industry, after a bankruptcy court on Monday approved Slater Steel's $15.4 million sale of its Hamilton specialty bar factory to a U.S. investment fund.

Saturday 27 Mar 2004 cbc
UNION APPEALING RULING THAT STELCO IS INSOLVENT The United Steelworkers union said Friday it plans to appeal a judge's ruling that Stelco is insolvent.

Saturday 27 Mar 2004 Steel makers with high labour costs at risk: Report
An inevitable cooling of China`s red-hot demand for steel will provoke closings and mergers in the steel industry, with companies like insolvent Stelco Inc. the most vulnerable if they can`t slash labour costs, Dominion Bond Rating Service says.

Tuesday 2 Mar 2004 HAMILTON: STELCO REVEALS LOSSES Canada's biggest steelmaker, Stelco of Hamilton, Ontario, reports it lost $192 million last year, and in addition had to record various writedowns of its assets. Stelco also reports increasing its debts to banks by $70 million in 2003. The company went into bankruptcy protection in January and it's trying to restructure its business. Stelco blames its plight on high labour costs, its arrears to the pension fund and on foreign competition. It made the statements about its financial situation in advance of a hearing in Ontario Superior Court on Friday at which the United Steelworkers union will challenge Stelco's supposed insolvency. The union accuses the company of seeking refuge in bankruptcy to force its unions to reopen contracts and make concessions on jobs, wages and benefits.

Thursday 26 Feb 2004 TORONTO: STELCO SAYS BANKRUPTCY PROTECTION JUSTIFIED Stelco Inc., one of Canada's biggest steelmakers, has presented documents purporting to prove its claim of insolvency is genuine. An affidavit submitted to a court in Toronto on Wednesday says it has lost $223 million in the past 13 months, and at its present rate of losses would have gone out of business by the second half of 2004. The affidavit says Stelco's obligations exceed its assets by $981 million. The court is studying a request by the United Steelworkers union that the court resciend the bankruptcy protection extended last month because Stelco based it on misleading financial figures. The union claims that the company wants to use the protection to open up collective agreements and extort wage and benefits concessions. The United Steelworkers union represents 5,000 Stelco employees.

TORONTO: STELCO THREATENS BANKRUPTCY IF THWARTED BY UNION Canada's biggest steelmaker says it would probably go bankrupt if Ontario Superior Court rescinds its permission for the company to restructure while under protection from its creditors. The chief restructuring officer of Stelco Inc., Hap Stephen, told the court on Friday that Stelco's portrayal of itself is accurate and that the removal of bankruptcy protection would force it to liquidate. The hearing in the court in Toronto was at the behest of the United Steelworkers union. The union disputes Stelco's claim it's insolvent and owes the company's pension fund $1.25 billion. The union representing three-quarters of Stelco's 8,400 workers accuses the employer of using bankruptcy as a smokescreen to reopen collection agreements and to force the union to make concessions on wages and benefits.

Stephen S. Poloz VP EDC Economics Weekly Commentary
Metal Mania Won’t Last Forever - February 25, 2004
Past issues

Friday Feb 6, 2004 cbc TORONTO: STELCO DENIES CONSPIRACY
The CEO of Canada's biggest but insolvent steelmaking firm has denied that the company intends to use its current bankruptcy protection to lay off employees or to evade its pension fund responsibilities. In a letter to Stelco Inc.'s 8,400 employees, CEO Courtney Pratt says that while the company must reduce its costs, it doesn't intend to make any one group of stakeholders bear the brunt of that reduction, be they employees, bondholders, pensioners or creditors. Six-thousand-three-hundred employees are represented by the United Steelworkers union, which has accused Stelco of deliberately miscalculating its pension obligations and demanded to see the company's figures. The company says it has a pension shortfall amounting to $1.25 billion. The union could be positioning itself to make a court challenge of Stelco's restructuring plan.

Tuesday Feb 3, 2004 ec
STELCO OBTAINS CREDITOR PROTECTION Financially troubled Stelco Inc., the country's biggest steelmaker, went into court-ordered creditor protection on Thursday so it can restructure.

Saturday Jan 3, 2004 HAMILTON: NEW STELCO BOSS WANTS RETURN TO PROFITABILITY Courtney Pratt, the new CEO of Stelco Inc., one of Canada's top steelmakers, says he'll act immediately to reduce the Hamilton, Ont.-based company's costs to return eventually to profitability. Mr. Pratt says he'll work co-operatively with its stakeholders to achieve that goal. One of those stakeholders is the United Steelworkers union, with which it has often been at loggerheads in the past. Mr. Pratt didn't say whether his cost-cutting measures will include layoffs. Stelco laid off 150 employees in November, leaving a workforce of 9,500. Stelco has said it wants to restructure without resorting to bankruptcy protection. The company has said that its American competitors have an advantage because several of them have reduced their obligations to their respective pension funds by going into bankruptcy.

Friday Dec 5, 2003 ec
ScrappedGeorge Bush has announced the dismantling of America’s tariffs on imported steel, while promising to shield domestic companies from dumping. The tariffs have done their job, he says. Have they

Friday Dec 5, 2003 Stainless Steel Conference Call
Watch for Nickel SubstitutionThursday Dec 4, 2003 cbc
BUSH REMOVES STEEL TARIFFS
U.S. President George Bush has lifted the punishing tariffs he imposed on some steel imports in 2002.
The American president has ended the tariffs which his government imposed on imported foreign steel. George W. Bush says the government will instead maintain a system to monitor undue increases in such imports. His spokesman also say the government will enforce anti-dumping laws and urge foreign exporters not to saturate the U.S. market with cheap steel. The decision to end the tariffs came one month after the World Trade Organization ruled they violated international trade laws. The United Steelworkers of America labour union denounced Mr. Bush's "complete lack of mettle" in facing up to the WTO.

Sunday Nov 30, 2003 bbc US may be backing down over steel
There is growing speculation that the US will cancel or reduce its controversial steel tariffs that have prompted fury in Asia and Europe.

Steeling itself Wed 11/12 US administration weighs options after losing tariff battle

Tuesday, 21 October, 2003 bbc
STELCO WARNS OF NEED FOR MAJOR COST-CUTTING
Embattled steelmaker Stelco warned Wednesday that it will need to significantly cut its labour and pension costs if it's to return to profitability and hoped it could do this without filing for creditor protection.

Wednesday Oct 22, 2003 HAMILTON: STELCO RACKS UP ANOTHER QUARTERLY LOSS Stelco Inc., one of Canada's biggest steelmakers, has reported a third-quarter loss of $42 million, or 44 cents a share. The Hamilton-based firm reported a profit of $6 million in the previous third quarter. The company has lost $168 million in the year's first three quarters. Stelco's CEO, Fred Telmer, warns that the company must cut costs further, perhaps through sales of assets or reduction of the workforce. He added that several fundamental problems have to be solved, including Stelco's inability to close its pension deficit. Mr. Telmer says Stelco has to reduce its "legacy costs" to become competitive, as its American competitors have done. Stelco's pension fund had a deficit of $663 million at the end of last year, which the CEO says may be impossible to make good.

Tuesday Oct 14, 2003 Dofasco Inc. (DFS - $30.36) Rating: 3-Sector Underperform Target: $32.00 n Trimming EPS Estimates Dofasco issued a profit warning announcing lower than expected earnings for Q3/03 of $0.39 per share. Although the advisory lacked specific detail we believe the key driver behind reduced earnings when compared with Q2/03 included reduced average revenue per ton and the electrical power outage in August. We estimate that during Q3/03 Dofasco's average realized price declined $33 per ton to $685 per ton versus $718 per ton experienced during Q2/03. We had expected a $20 per ton decline following the downtrend in the spot markets. We note approximately 30% of Dofasco's annual sales are made on a spot basis with the remainder sold on longer-term contracts (12-24 months). Over the past 7 weeks the downtrend in spot prices has reversed. The benchmark hot rolled sheet price has increased from U$255 per ton in July to an estimated U$270 per ton currently. Tabled price increases of U$30 per ton effective mid-November could push this benchmark to U$300 per ton equivalent to our forecast average for 2004. Originally, management anticipated little or no financial impact from the power outage affecting Greater-Toronto and Hamilton experienced during August. Upon further review, the outage proved to increase costs more than originally estimated. As a result, we estimate the power outage cost the Company $0.03-$0.05 in lost earnings per share. We have adjusted our 2003 earnings to reflect the Q3 shortfall and reduced earnings expectation for Q4. Our 2003 EPS estimate falls to $2.03 from $2.35. We note the overall market sentiment for pricing of the flat steel product group remains relatively positive as pricing is well positioned to move closer to the U$300 per ton range (hot rolled sheet) by the end of 2003. Our production cost and earnings expectations for 2004 remain unchanged, as does our 2-year target of $34.00 per share. –– John Hughes

Monday Oct 13, 2003 HAMILTON:
DOFASCO WON'T CUT JOBS DESPITE LOWER PROFIT
Dofasco Inc. of Hamilton, Ont., Canada's most profitable steelmaker, announced on Friday that its third-quarter earnings will be relatively poor. The company says its earnings will be in the range of $29.3 million, or 39 cents a share, less than one-third of the figure for the previous third quarter. Dofasco attributes the lower results to the increased cost of raw materials, low prices and the blackout that left northeastern U.S. and Ontario without power for eight days. Dofasco and other Canadian steelmakers also blame the decision of the federal government not to impose new tariffs on imports of cheap foreign steel.

Tuesday Oct 7, 2003 cbc
SLATER STEEL CHOPS 418 U.S. JOBS Specialty steel maker Slater Steel is closing a U.S. plant and downsizing another as it struggles to restructure its ailing operations.

Wednesday Sep 17, 2003 cbc
STEEL-MAKER IVACO FILES FOR CREDITOR PROTECTION
Canadian steel-maker Ivaco filed for and received court protection from its creditors Tuesday, as duties and a strong Canadian dollar took their toll.

Thursday Sep 4, 2003 SAULT STE. MARIE: ALGOMA GETS NEW CREDIT LINE
Algoma Steel Inc. has announced it has secured a new credit line of $200 million from a syndicate of four banks led by Bank of America N.A. The credit line replaces a previous one of $180 million that was due to mature in December. The new arrangement benefits Algoma because it entails lower interest rates. The financially troubled steelmaker recently has been cutting jobs and spending and refinancing debt to try to recoup losses due mainly to the slow North American economy. Algoma has announced it will cut 600 jobs this year, 450 of which are already gone.

Monday Aug 11, 2003 cbc
SLATER STEEL POSTS LOSS ON WEAK DEMAND FOR STAINLESS STEEL Mini-mill steel producer Slater Steel posted a big second quarter on weak demand for stainless bars and soft pricing, the company reported Monday.

Monday Aug 11, 2003 cbc
U.S. APPEALS STEEL TARIFF RULING The United States government launched an appeal on Monday of a World Trade Organization ruling that it cannot slap tariffs on some imported steel.

Tuesday Jul 29, 2003 TORONTO: STEEL BOSS UNEXPECTEDLY RETIRES The chief executive of Stelco, Canada's largest steelmaker, has suddenly resigned after steep quarterly losses were announced. Jim Alfano quit to, in the words of a company spokesperson, pursue other interests. The company characterised his move as a retirement. Mr. Alfano is 52 years old. One source told a Canadian newspaper the move could be a sign the company is preparing to ask a court for bankruptcy protection. Last week, the company announced an $82 million loss for the second quarter. Fred Telmer, the chairman of the board of directors, has temporarily assumed CEO duties.

Wednesday Jul 23, 2003 TORONTO: STELCO POSTS HUGE LOSS Stelco Inc., one of Canada's biggest steelmakers, has announced a loss for the quarter ending in June of $82 million or 83 cents a share. The loss follows a first-quarter loss of about one-half that amount. The announcement caused its stock traded at the TSE to fall eight cents to $1.02. The Hamilton, Ont.-based steelmaker's CEO, James Alfano, says the entire North American steel market is depressed. Stelco also has been hurt by a stronger Canadian dollar, which lowers revenues from the company's U.S. operations, and stiffer competition from American and other foreign steelmakers. In a conference call with financial analysts, Mr. Alfano was asked whether Stelco may end up in bankruptcy. He declined to answer the question.

Saturday Jul 12, 2003 bbc US steel tariffs 'break WTO rules'
The US decision to impose tariffs on steel imports broke global trade rules, the World Trade Organisation says.

Saturday Jul 12, 2003 cbc
WTO RULES AGAINST U.S. STEEL DUTIES U.S. steel import duties that Canada and Mexico escaped last year have been ruled illegal by the World Trade Organization.

Tuesday Jul 8, 2003 HAMILTON: STELCO'S FUTURE ON THE LINE Officials of one of Canada's biggest steelmakers, Stelco, will meet in Toronto on Tuesday with labour union officials to discuss cost-cutting measures and higher productivity. The United Steelworkers of American union represents 5,900 workers, most of them in Hamilton, Ont. The company is expected to asked the union to agree to the reopening of contracts. Stelco has been struggling financially. It will announce a second-quarter loss of $90 million. Its pensions plans are underfunded by more than $600 million. Stelco's total debt amounts to more than $600 million.

Friday Jun 27, 2003 Stelco (STE.A : TSX : $1.29)
Net Change: -0.01, % Change: -0.77%, Volume: 575,700
Lambs to the slaughter? Yesterday, the Financial Post reported that Stelco maybe a takeover target. We ask, “Who would buy a company with a market cap of about $134M, that carries a pension liability of about $650M and is bleeding more red than a Jackson Pollack painting?” If you believe this rumour, we’ve got a prime piece of land in Serbia to sell you (we’ll even throw in a pig for irony). We suspect someone who wanted to bring some retail buying into the market started the takeover rumour. Ladies and gentlemen, I believe we have a large seller in the market. In a research comment made yesterday, RBC Capital Markets maintained Stelco at "underperform", with a 12-month target price of $1.00.

Thursday Jun 19, 2003 ts
Stelco faces cash crunch Stock plunges to lowest since 1992 Steel firm should survive, analyst says

Thursday Jun 19, 2003 Stelco (STE.A : TSX : $1.25)
Net Change: -0.23, % Change: -15.54%, Volume: 4,399,100
Look at it this way, Hamilton still has the Ti-Cats. Life as a walking zombie is tough: Your flesh ages much faster than it did when you were alive and most see you as some sort of monster (actually, you are). Worst of all, instead of getting some much appreciated R&R as you R.I.P., you have to stick out your arms and pretend to chase after opportunity. Besides, everybody knows a zombie is waaaay to slow to ever catch what it chases. All this nonsense continues until finally a fine citizen pumps two slugs into your forehead. These movies all end the same.

Wednesday Jun 18, 2003 Stelco (STE.A : TSX : $1.48)
Net Change: -0.10, % Change: -6.33%, Volume: 999,500
Tell us something we don't already know. DBRS has cut Stelco’s rating from BB (high) to BB (low) for its senior unsecured and retractable debentures and sent its convertible subordinated debenture to B from BB. They also changed their outlook from “stable” to “negative”. To quote DBRS, “the changes reflect the company’s deteriorating operating results, weakening financial profile and increasing funding requirements for its pension plans.” They too expect a loss for 2003, citing slow demand, rising imports (this is the key, folks), weaker pricing (can’t compete with 3rd world labour costs!), the strong Canadian dollar (quite likely to get worse), volatile energy prices and rising scrap prices.
STELCO STOCK MELTS DOWN ON LOSS WARNING Shares of Stelco fell 23 cents to $1.25 Wednesday, a day after the company warned it could lose up to $90 million in the second quarter.

Monday Jun 16, 2003 Stelco (STE.A : TSX : $1.59)
Net Change: 0.01, % Change: 0.63%, Volume: 1,099,400
Trash Metal to white noise. The higher Loonie and natural gas prices continue to take massive chunks out of Stelco’s earnings. It is estimated that for every $1 rise in the Loonie, Stelco’s earnings drop $0.09 per share. Every US$1 increase in natural gas hurts earnings by $0.13 per share. Street consensus is for the company to lose $0.70 per share for 2003. But not all are so optimistic. CIBC expects a loss of $2 per share. Regardless, this is a horrible business to be in and past ain’t no longer prologue.

Wednesday Jun 4, 2003 HAMILTON: STELCO SHARES HIT 10-YEAR LOW
Shares of one of Canada's biggest steel manufacturers have sunk to their lowest level in a decade at the TSE. Stock of Hamilton-based Stelco Inc. fell 16 per cent to $1.78. Stelco lost $44 million in the first quarter. Like other North American steelmakers, the company has been hurt by foreign competition, oversupply and low demand from such key customers as automakers.

Wednesday May 28, 2003 Stelco Inc. (STE.A : TSX : $2.19)
Net Change: -0.05, % Change: -2.23%, Volume: 301,900
New 52-week low. Don't scratch your head to hard, you might scrape off what little hair you have left. This is a rare but classic case where the past is definitely not prologue. Watching the rear view mirror on this stock and you will have missed the third world suppliers gunning straight down your lane. Stelco's biggest problem is too much supply, mainly due to third world and European producers that produce for less. Throw in higher energy prices and a stronger Loonie and their woes magnify. Word is that Q2 will be even worse than Q1, and we all know how pleased the market was about those Q1 numbers.

Thursday May 1, 2003 cbc
ALGOMA CEO WARNS OF HARDER TIMES IN STEEL BUSINESS
Algoma Steel Inc. made money in the first quarter, but president and CEO Denis Turcotte wasn't pleased with the steelmaker's numbers.

Thursday Apr 17, 2003 TORONTO: STELCO WARNS OF LOSS
Canada's biggest steelmaker, Stelco Inc., has warned it lost about $44 million in the first quarter ending March 31. The company blames the loss on lower steel prices due to imported steel products and an increase in the price of natural gas, which powers Stelco's blast furnaces. The company will report its first-quarter results on April 23. Most analysts had predicted a first-quarter profit for Stelco. Stelco's stock fell by almost 18 per cent at the TSE after the warning to $2.82, a 52-week low

Stelco (STE.A : TSX : $2.86)
Net Change: -0.57, % Change: -16.62%, Volume: 3,185,600
The wheels fell off Stelco’s bandwagon as investors all jumped off at once after the steelmaker announced a profit warning. Management expects to report a first quarter loss of $44 million, or $0.45 per share, down from a profit of $22 million, or $0.18 per share last year. Lower revenue per ton and the costs of closing Welland Pipe were blamed for the loss. Griffiths McBurney downgraded Stelco to a REDUCE from BUY, and cut their price target to $3.00 from $4.50.

Tuesday Feb 11, 2003 TORONTO: INCREASED STEEL PROFITS COME WITH A WARNING One year made a huge difference for the bottom lines of Canada's three largest steelmakers in 2002. But they are warning of potential trouble ahead on the trade front. Dofasco, Stelco and Algoma Steel collectively earned more than $150 million in 2002. That's a dramatic improvement over 2001 when Stelco and Algoma reported a combined $570 million in net losses and Dofasco's profit was cut by $160 million to under $30 million. But all three Canadian companies warn that imports threaten to penetrate more of the North American market and put steel producers on the continent in jeopardy again. The steel industry is waiting for Canada's federal government to announce what action it will take against imports of five steel products. The Canadian International Trade Tribunal has determined the products were injuring Canadian producers.

Tuesday Dec 24, 2002 SLATER STEEL SHARES RISE ON DEBT DEAL Shares of Slater Steel surged almost 20 per cent Monday after it reached a deal with its creditors that will spare it from breaking the conditions of its lending agreements.

Friday Nov 29, 2002 cbc IPSCO, UNION TO RESUME CONTRACT TALKS DEC. 2 Steelmaker Ipsco and 1,000 unionized workers have agreed to a mediator's request to resume contract talks, averting a strike that was set to begin on Thursday.

Friday Oct 25, 2002 TORONTO:
CANADIAN, BRAZILIAN STEEL FIRMS MERGE Co-Steel Inc. of Whitby, Ont., has announced it will merge to form a new company including the North American operations of Gerdau S.A. of Brazil in a transaction worth $600 million. The amalgamation will create the continent's second-biggest minimill producer. Minimills melt scrap steel in electric furnaces. The new company will be called Gerdau AmeriSteel Corp. Co-Steel's shareholders will have a quarter-share in the new firm. Co-Steel says it doesn't expect major restructuring of its operations or a significant number of layoffs. Analysts of the steel industry have said they expect increasing numbers of such mergers. One-third of North American steel firms have sought bankruptcy protection over the past year.

Wednesday Oct 23, 2002 TORONTO: STELCO ENJOYS QUARTERLY PROFIT
The Canadian steelmaker Stelco Inc. has announced a $19-million profit for its third quarter. But the company's chief financial officer, Mark Steinman, says Stelco's profit would have been even higher were it not for the imported steel products that are flooding into Canada. Mr. Steinman says the rush of imports is due in part to the punitive tariffs which the U.S. has slapped on foreign steel imports, causing the foreign exporters to ship their products to Canada. He says Stelco wants the federal government to impose a 25-per cent tariff on foreign steel imports. The Canadian International Trade Tribunal last August called upon the government to impose a tariff as high as 20 per cent on foreign steel, but the government has not yet reacted.

Tuesday Oct 22, 2002 cbc EARNINGS REBOUND IN THIRD QUARTER AT STELCO Stelco Inc. said strong market demand helped it overcome labour and production disruptions as the company posted improved third quarter results.

Friday Oct 11, 2002 Dofasco Inc. (DFS - $27.35) Recommendation: 1-Strong Buy Target: $35.50
Q3 Earnings Surprise
We are reiterating our 1-Strong Buy recommendation on Dofasco Inc. shares and our one-year target price of $35.50 per share following a pre-release by company management of materially higher-than-expected Q3 operating and financials results. The company expects Q3 earnings to be about $1.20 per share compared with our $0.93 per share estimate. The company provided few details about the quarter, but did attribute its stronger results to improved steel shipments and higher steel prices. We expect that all aspects of Dofasco's results will show improvement including maintaining high sales volumes ranging between 1.25 and 1.35 million tons, increased revenue per ton, and higher operating margins. We now expect that Dofasco will earn $3.10 per share in 2002, up from $0.35 per share in 2001. Dofasco will release its results on October 23, 2002. –– John F. Hughes

Thursday Oct 10, 2002 cbc
DOFASCO RAISES Q3 PROFIT FORECAST
Dofasco said late Wednesday it expects its third-quarter earnings to be "significantly" higher than what analysts had been expecting.

Note from Mouse: Good topic for John Jonas:

Tuesday Sep 17, 2002 UK Observer
Bush burns friends and foes Last week the President was in Detroit, car capital of the world. Had he had time, Bush could have found the full spectrum of US opinion on sanctions.
Steelmakers such as Rouge Industries, whose enormous plants supply the big three car giants - General Motors, Ford and Daimler Chrysler - and a host of component suppliers, were delighted at first. Rouge, whose huge mill is next to Ford's enormous Dearborn plants, has, like many similar US firms, been teetering on the brink of collapse after several years of operating losses caused by low steel prices. This year it is heading for an operating profit.

Wednesday Aug 14, 2002 cbc
Steel Tariffs Put G.O.P. on the Spot in Campaigns
As became clear Thursday, when the administration backpedaled a bit by exempting 178 kinds of steel imports from the new tariffs, protectionism carries its own political risks.
Bush Scales Back Steel Tariffs<
In a move that infuriated American producers, the Bush administration excluded more than 178 imported steel products from steep tariffs it imposed in the spring.

Wednesday Aug 14, 2002 cbc
CO-STEEL MERGING OPERATIONS WITH BRAZILIAN COMPANY
Co-Steel Inc. said Tuesday it will combine its North American operations with Brazil's Gerdeau S.A. - a move the two firms said will create a business with annual revenues in excess of $2.5 billion.

Wednesday Aug 14, 2002 TORONTO:
CO-STEEL AGREES TO MERGER
Co-Steel Inc. of Whitby, Ont., has announced it wants to merge its North American operations with Brazilian steelmaker Gerdau SA of Rio de Janeiro. The deal worth $600 million would create the continent's second-biggest minimill producer, a business in which scrap steel is melted in electric furnaces. The merged firm, to be called Gerdau AmeriSteel Corp., would have $2.5 billion in revenues and employ 4,800 workers. Co-Steel says the new steelmaker would have 11 steel mills with a yearly capacity of 6.8 million tonnes of finished steel products. The present Co-Steel shareholders would possess only one-quarter of the new company's shares, the Brazilians owning the rest.

Wednesday Jul 24, 2002 rci TORONTO:
STELCO HAS PROFIT, RISKS LOSING IT
One of Canada's biggest steelmakers, Stelco Inc., says it made a profit of $5 million in its second quarter, which ended on June 30. It's the first profit for Stelco in two years. The company says it expects to turn a profit in the third quarter as well, as new contracts with automakers go into effect. However, Stelco's outlook could be dimmed by the prospect of a possible labour conflict at its main plant in Hamilton, Ont. The company is negotiating a new contract with the United Steelworkers of America union, which represents 4,000 workers there. The two sides face a deadline of midnight, July 31. The plant produces almost one-half of the 4.7 million tonnes of steel which Stelco makes each year.

Dofasco Inc. (DFS - $27.60) Recommendation: 1-Strong Buy Target: $35.50
Tuesday Jul 16, 2002 Earnings Preview Triggers Upgrade
We have increased our one-year target price to $35.50 per share and upgraded our recommendation to a 1-Strong Buy following a pre-release of Q2 financial results. Company management now expects to report Q2 EPS of $0.89 compared with our expectations for earnings of $0.48 per share. Details were limited but the numbers appear to be "clean". We believe that higher shipments, particularly from inventory, increased realized steel prices and tighter cost controls are the underlying reasons for the variance. We have raised our 2002 and 2003 EPS estimates to $2.67 (was $1.92) and $3.01 (was $2.65), respectively. –– John F. Hughes

Mon 7/15/02 cbc DOFASCO SAYS IT WILL BEAT Q2 EARNINGS FORECAST
Steelmaker Dofasco Inc. said after the close of trading on Monday that its second-quarter earnings will sharply exceed its previous financial guidance.

Thursday Jul 11, 2002 cbc CO-STEEL TO TAKE WRITEDOWN, Q2 PROFIT WIPED OUT Co-Steel shares slid on Wednesday after the company warned it will take a $9.1 million charge to write off its stake in a British steel company and said it will now post a second-quarter loss.

Saturday Jul 6, 2002 rci TORONTO: STEEL IMPORTS CAUSING HARM
The Canadian International Trade Tribunal says imported steel products are harming Canada's domestic steel industry. The tribunal says the five of nine categories of steel products are being sold at prices so low as to hurt Canadian steelmakers. The federal government asked the quasi-judicial body in March to find out whether the domestic producers' complaints about foreign competition are justified. The tribunal has until Aug. 19 to explain the reasons for its finding to the government. It will then propose remedies, which could be quotas or tariffs. The tribunal launched its investigation into steel imports after the U.S. imposed tariffs of up to 30 per cent on imported steel products. The Canadian producers complained that this would flood the Canadian markets with a flood of diverted steel products.

Fri, 05 Jul 2002 cbc
STEEL IMPORTS HURT CANADA: TRIBUNAL Some steel is being imported at such low prices it's hurting Canadian competitors, a federal panel concluded Friday.

Monday Jun 3, 2002 WTO launches US steel tariff probe The World Trade Organisation agrees to appoint a panel of experts to rule on whether US steel import tariffs are legal.

	Thursday May 16, 2002 US 'protectionism' condemned US attempts to aid its steel producers and farmers are condemned as protectionist during a meeting of leading industrial powers.

Dr. John J. Jonas

Steel Industry

In response to recent announcements regarding proposed steel price increases across major product lines, we have made some changes to our ratings and target prices for the Canadian steel producer group. A recent announcement by Stelco of a sizeable proposed increases in steel prices, combined with a pre-announcement of higher-than-expected financial results for Dofasco, provides two essential elements to a sustainable move up in the steel sector. Earnings estimates and target prices for Dofasco Inc., Stelco Inc. and IPSCO Inc. have all been raised. IPSCO is fully valued in our opinion and is 3-Hold rated. We are maintaining our 2-Buy recommendations on Stelco (Target: $7.25) and Dofasco (Target: $34.00). –– John F. Hughes

Thursday Apr 11, 2002
Global steel trade war hots up Tokyo asks the US to rethink its policy on steel import tariffs, as 25 WTO members prepare to protest formally to Washington.
The European Union and five countries including Japan and China said they had reached a "very high degree of understanding" about the illegality of the duties.
The statement followed a meeting between the protesters and US representatives in a disputes settlement procedure administered by the World Trade Organisation.