Stelco seeks approval to sell Camrose Pipe

Stelco seeks approval to sell Camrose Pipe

Canadian diversified steel producer Stelco announced that the company is seeking court approval to sell shares of Camrose Pipe Company, held by Stelco's wholly-owned subsidiary Stelcam Holdings Inc., to Canadian National Steel Corporation (CNSC). Stelco's decision is part of the legally insolvent company's plan to raise capital through the sale of its assets. The Court will hear the issue on March 30, 2005. If the transfer proceeds, CNSC will become the sole owner of the Camrose. CNSC is an indirect subsidiary of Camrose partner Oregon Steel Mills Inc.