Stelco granted stay until September 9

Stelco granted stay until September 9

Stelco Inc. has been granted more time to its stay period under its Court-supervised restructuring. The Superior Court of Justice of Ontario has given the legally-insolvent Hamilton steelmaker until September 9, 2005 to discuss with stakeholders the restructuring plan it outlined on Friday, July 15. Courtney Pratt, Stelco President and CEO, said, “One way or another, Stelco must emerge from CCAA sooner rather than later. Whether it does so as a successfully restructured Company or as an unsuccessfully restructured one is in the hands of the stakeholders. I urge all parties to make the best use of the time available to us between now and September." In a related motion, the Court also tabled a motion until August 16 by the USW that sought to remove Stelco’s exclusive right to develop and file a restructuring plan.