Stelco's restructuring program extended by court

Stelco’s restructuring program extended by court

According to the statement released by Canada based steel producer Stelco Inc, the company's restructuring program is extended by Ontario Superior Court of Justice till September 30, 2004 The new decision of the court did not please the union United Steel Workers of America (USWA), however the company officials and representatives of stakeholders were pleased with the decision of the court as they are of the opinion that restructuring is following a slow pace, thus completion of the restructuring requires more time. As previously reported by SteelOrbis, Stelco filed for bankruptcy protection in January 2004.