Stelco announces filing of 28th Monitor's Report

HAMILTON, ON, May 2 /CNW/ - Stelco Inc. (TSX:STE) today announced that
the Twenty-Eighth 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 deals with the sale process regarding Welland Pipe's U&O Mill.
The Monitor reports that Stelco will seek a Court Order on May 4, 2005
approving the sale of the Mill to Grinolet Incorporation.
The Report notes that the purchase price is in excess of the independent
liquidation appraisal values provided by Danbury Sales Inc. The Monitor adds
that Stelco will ask the Court to seal the portion of the agreement of
purchase and sale containing the purchase price until the transaction has
closed.
In its Report the Monitor recommends that the Court approve the sale on
the grounds that Stelco adequately canvassed the market for prospective
purchasers, the purchase price is fair and commercially reasonable, and the
sale represents the best recovery for Welland Pipe stakeholders.
The Report notes that Welland Pipe's operations were closed in March 2003
because of the lack of demand for very large diameter pipe. As noted
previously, Welland Pipe's land and buildings have been listed for sale with a
listing price of $4 million.

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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