Stelco Inc. updates restructuring program

Stelco Inc. updates restructuring program

Last Friday, Canadian major steelmaker Stelco Inc. declared that the documentation of the $75 million interim financing is completed. Availability under the financing facility will be provided once the conditions are fulfilled. Besides, consequence of the motion, before the Ontario Superior Court of Justice gives its decision in line with Companies' Creditors Arrangement Act (CCAA), will be a determining factor too. Stelco filed for bankruptcy protection in late January 2004 due to high debt burden and rising costs. According to preliminary calculations company reported a loss of $192 million, consolidated cash usage of $114 million, plus an increase of $70 million in bank indebtedness. Audited financial statements for 2003 are expected to be released mid May latest.