Date Closed

March 31, 2006

Lead Office

Toronto

Value

3.00 Billion CAD

On March 31, 2006, the restructuring of Stelco Inc., a Hamilton, Ontario-based steel manufacturer was completed, more than two years after Stelco and certain of its subsidiaries filed for protection under the Companies' Creditors Arrangement Act.  The restructuring of Stelco, with liabilities in excess of C$3 billion, was completed through a plan of arrangement and reorganization under the CCAA and a separate plan of arrangement under the Canada Business Corporations Act involving, among other things, more than C$1.25 billion of new debt and equity financing, the repayment of secured debt, the compromise of more than C$600 million unsecured claims, the restructuring of more than C$1.4 billion of pension funding obligations and the sale of six operating subsidiaries.

McCarthy Tétrault LLP represented Stelco with a team led by James Gage.