Stelco looks to sell Welland Pipe mill assets

By Caroline Salls

Pittsburgh, May 2 - Stelco Inc. said it has requested approval to sell the assets of Welland Pipe Ltd. to Grinolet Inc.

Stelco, a Hamilton, Ont., steelmaker, has asked the Ontario Superior Court of Justice to approve the sale. A hearing is set for May 4.

The request said Welland owns a U press and O press mill that, since its closure in March 2003, Welland has unsuccessfully tried to sell. The mill closed because of lack of demand in North America for large diameter pipe

In March 2004, the monitor helped Welland obtain an independent liquidation appraisal of the mill and to implement a formal sales process.

Stelco filed for protection under the Companies' Creditors Arrangement Act on Jan. 29, 2004.

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