Stelco set to emerge from bankruptcy by midnight March 31

By Caroline Salls

Pittsburgh, March 31 - Stelco Inc. said it was on track to emerge from its 26-month long court-supervised restructuring by midnight Friday and has satisfied the conditions to implement its restructuring plan under the Companies' Creditors Arrangement, according to a company news release.

Stelco also said it has satisfied the conditions to begin the reorganization of its corporate structure under the Canada Business Corporations Act.

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

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