Touchstone Exploration Inc. press release
Stelco announces completion of Stelpipe sale
TSX - Toronto Stock Exchange · Oil · Natural Gas · Natural Gas Liquids · Canada
HAMILTON, ON, Nov. 3 /CNW/ - Stelco Inc. (TSX:STE) announced today that it completed the previously-announced sale of the assets of Stelpipe Ltd. on October 31, 2005. On August 19, 2005, the Company announced that it had entered into a definitive agreement for the sale of substantially all of the assets of Stelpipe to Romspen Investment Corporation ("Romspen"). That agreement was subsequently assigned to Lakeside Steel Corporation ("Lakeside"), a wholly-owned subsidiary of Romspen. On September 6, 2005, the transaction was approved by the Court. The transaction reflects Stelco's previously-announced decision, as outlined in the four-point strategy announced in July 2004, to focus on its core integrated steel business. As a result of the transaction, Lakeside has assumed all of Stelpipe's obligations to its active employees retained by Lakeside and Stelco will assume all of the pension and benefit obligations respecting Stelpipe's retirees. In addition, Lakeside entered into a steel supply agreement with Stelco. At a hearing conducted on October 31, 2005, the Court ordered that certain commercially sensitive information contained in the sale agreement continue to be sealed for a further period and that the steel supply agreement be sealed permanently or until further order of the Court. Accordingly, further details of the transaction may not be disclosed at this time.
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. %SEDAR: 00001549E