Stelco sale of AltaSteel approved; court temporarily seals plan objection report information

By Caroline Salls

Pittsburgh, Dec. 16 - Stelco Inc. obtained approval Friday from the Ontario Superior Court of Justice for its sale of AltaSteel Ltd. to Moly Cop Steel Inc., an affiliate of Scaw International Sarl, according to a company news release.

As in past non-core asset sale transactions during Stelco's restructuring process, the court agreed to seal terms of the sale agreement until the transaction closes or until further court order.

In addition, the court granted an order temporarily sealing some commercially sensitive information contained in a report prepared by Navigant Consulting to be used by equityholders in opposing Stelco's motion for court approval of its restructuring plan.

A final hearing on sealing the Navigant report information is scheduled for Jan. 17.

Stelco, a Hamilton, Ont., steelmaker, filed for bankruptcy under the Companies Creditors' Arrangement Act on Jan. 29, 2004.

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