Stelco signs letter of intent to sell non-core assets Norambar, Stelfil, Stelwire

By Caroline Salls

Pittsburgh, Nov. 2 - Stelco Inc. has signed a letter of intent concerning the sale of non-core assets Norambar Inc., Stelfil Ltée and Stelwire Ltd. to Mittal Canada Inc., a subsidiary of Mittal Steel Co. NV, according to a company news release.

The transaction is subject to a number of conditions, including the negotiation of a definitive agreement and obtaining approval from the Ontario Superior Court of Justice.

The sale is expected to close early in 2006.

The sale is part of Stelco's initiative to focus on its core integrated steel business, as outlined in the four-point strategy announced in July 2004.

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

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