Touchstone Exploration Inc. press release
Stelco announces filing of 27th Monitor's Report
TSX - Toronto Stock Exchange · Oil · Natural Gas · Natural Gas Liquids · Canada
HAMILTON, ON, April 27 /CNW/ - Stelco Inc. (TSX:STE) today announced that the Twenty-Seventh Report of the Monitor in the matter of the Company's Court-supervised restructuring was filed today. The full text of the Report can be accessed through a link available on Stelco's Web site. The Report provides the background and the Monitor's views on a motion by Solid Waste Reclamation Inc. ("Solid Waste"). The motion seeks, among other things, an Order removing Solid Waste from the summary proceedings pursuant to the Court-approved claims process and allowing it to continue its legal action against Stelco or alternatively allowing it to continue its action against Stelco after the termination of the stay of proceedings. The Monitor states its view that the Court should dismiss the Solid Waste motion and direct that the hearing of the claim proceed before the claims officer as scheduled. The Monitor expresses the view that lifting the stay of proceedings to allow Solid Waste to continue its action against Stelco would distract Stelco's attention and divert its resources at a time when the Company should be focusing on its restructuring efforts and on preparing a plan outline.
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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