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April 11, 2005

Stelco report

Stelco, Canada's largest fully integrated steelmaker, reported a minimal profit this quarter, after taking large restructuring write-offs. Management still guided to a 2005 annual operating profit of between C$350 to $400 million. Isn't that something, after the equity had fallen to just C$50 million when management decided to put the company into bankruptcy a year ago. Maybe after Stelco (TSE: STE.A) gets refinanced and its board of directors changed, there will be a proven steelmaker CEO join the company to replace Mr. Pratt, who was hired from Toronto Hydro.

Posted by Posted by Bill Cara on April 11, 2005 11:31:58 PM | Category: 15 Materials , Canada