Stelco announces filing of 54th Monitor's Report

HAMILTON, ON, March 10 /CNW/ - Stelco Inc. announces that the Fifty-
Fourth Report of the Monitor in the matter of the Company's Court-supervised
restructuring was served this evening and will be filed on Monday, March 13,
2006. The full text of the Report will be accessible through a link available
on Stelco's web site.
The Report deals exclusively with a motion by the Company to be heard on
March 16, 2005. The motion concerns the distribution of sale proceeds with
respect to Stelco's disposition of non-core assets during its restructuring.
In pursuit of its previously-announced strategy, and as announced
throughout the asset sale process, the Company sold the issued and outstanding
shares of four wholly-owned subsidiaries: AltaSteel Ltd., Norambar Inc.,
Stelfil LtDee and Stelwire Ltd. The Company also sold the assets of CHT Steel
Company Inc., Stelpipe Ltd. and Welland Pipe Ltd.
The sale proceeds from those transactions were paid to, and have been
held since then by, the Monitor in trust. The motion seeks a Court Order
authorizing the Monitor to distribute the funds that can be released on the
restructuring plan implementation date to Stelco or as Stelco may direct. The
motion also deals with those sale proceeds the Monitor is required to hold
beyond the plan implementation date pursuant to any of the above-noted sale
agreements. The Order being sought would authorize the Monitor to release such
sale proceeds in accordance with those agreements without further Order of the
Court.

About Stelco
Stelco is one of Canada's longest-established steel companies. It is
currently in the final stages of a Court-supervised restructuring. This
process is designed to establish the Company as a viable and competitive
producer for the long term. The new Stelco will be focused on its Ontario-
based integrated steel business located in Hamilton and in Nanticoke. These
operations produce high quality value-added hot rolled, cold rolled, coated
sheet and bar products. 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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