Stelco Inc. today announced that it has received a Court Order facilitating the sale of the shares of Norambar Inc., Stelwire Ltd. (‘Stelwire’) and Stelfil LtÃ©e to Mittal Canada Inc. (‘Mittal’). The Order was granted at a hearing held this morning, notwithstanding that Stelwire was still an applicant under Stelco’s CCAA proceedings. As a result of this Order, the transaction closed today.
A definitive agreement in this matter was announced on November 23, 2005 with the stated expectation that the transaction would close early in 2006. The Court approved the sale on December 12, 2005.