Stelco board approves stock delisting application; company expects to exit bankruptcy March 31

By Caroline Salls

Pittsburgh, March 3 - Stelco Inc.'s board of directors approved an application for the delisting of the company's current common shares from the Toronto Stock Exchange that requests that the shares be delisted at the close of trading on March 10, according to a company news release.

According to the release, while there are still some significant issues to be settled between stakeholders before Stelco's restructuring plan can be implemented, the company expects the issues to be resolved for a March 31 plan implementation date.

"We are making progress in our drive to completion," president and chief executive officer Courtney Pratt said in the release.

"Key stakeholders have agreed on an implementation timetable and we are committed to working toward a successful conclusion in the near future."

Stelco, a Hamilton, Ont.-based steel company, filed for bankruptcy under the Companies Creditors' Arrangement Act on Jan. 29, 2004 in the Ontario Superior Court for Justice.

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