Touchstone Exploration Inc. press release
Stelco comments on USWA letter of intent with Tricap
TSX - Toronto Stock Exchange · Oil · Natural Gas · Natural Gas Liquids · Canada
HAMILTON, ON, April 13 /CNW/ - Stelco Inc. (TSX:STE) today commented on the Letter of Intent signed by the USWA and Tricap Management Limited ("Tricap") and announced this afternoon. Stelco was not a party to the letter. The Company noted that a Court-approved capital raising process, where third parties were invited to participate, was run earlier this year. Tricap was invited to and had an opportunity to participate in the process that took place between October 2004 and February 2005, but declined to so. Stelco is now pursuing a Court-approved stand-alone process to raise capital that will allow it to emerge from CCAA protection. The Stelco-driven process will seek to address all stakeholders concerns, not just those of the USWA. Hap Stephen, Stelco's Chief Restructuring Officer, said, "We all want to see Stelco emerge from its restructuring as successfully and as quickly as possible. That can only be done within an objective process that provides certainty, involves recognized stakeholders, and addresses their interests. "A Court-approved capital raising process is already in place. All interested parties have had the opportunity to take any concerns about that process to the Court. The Company with the assistance of its advisors are implementing that process with the interests of all stakeholders in mind. We will discharge our responsibility, proceed with the Court-approved process and report to all stakeholders accordingly."
About Stelco Stelco Inc. is a large, diversified steel producer. Stelco is involved in major segments of the steel industry through its integrated steel business, mini-mills, and manufactured products businesses. This news release may contain forward-looking information with respect to the Corporation's business operations, financial performance and conditions. Actual results may differ from expected results for a variety of reasons including factors discussed in the Corporation's Management's Discussion and Analysis section of the Corporation's 2004 Annual Report. To learn more about Stelco and its businesses, please refer to our Web site at www.stelco.ca.
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