Stelco Shopping Three Assets

Stelco Inc. announced plans to pursue the sale of two wholly owned subsidiaries: AltaSteel Ltd. and Norambar Inc. The company also announced it is seeking to sell its 40 percent ownership in Camrose Pipe Co. The company already announced its decision to seek buyers for Stelfil, Stelpipe and Stelwire.

Courtney Pratt, Stelco's president and CEO, said, "As in the case of previously announced asset sales, this decision was driven by the four-point strategy we announced in July. We've indicated in the past that we would sell assets outside the integrated steel business that will be the focus of the new Stelco."

AltaSteel is located near Edmonton, Alberta. According to the company it is Canada's first steel mini-mill. AltaSteel also owns a 50 percent interest in GenAlta Recycling, a metals recycling operation, and a 50 percent interest in a grinding ball manufacturer.

Norambar Inc., Contrecoeur, Quebec, is also a mini-mill, producing billets and a range of bar products for the automotive, construction, mining and transportation industries. It had some 448 employees at the beginning of 2004. Norambar also owns Fers et Metaux Recycles Ltee, a metals recycling business.

Camrose Pipe Co. is located in Camrose, Alberta. Stelco owns 40 percent of the company. The company operates two pipe mills, a large diameter mill and a small diameter mill.