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Gold/Mining/Energy : STE-TSE STELCO BALANCE SHEET IMPROVING
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To: phoenix_investor who wrote (25)1/30/1998 1:52:00 PM
From: phoenix_investor  Read Replies (1) of 46
 
Fund manager states positive opinion

Stelco Inc -

Post says stock seen as undervalued

Stelco Inc
STE.A
Shares issued 105318661
1998-01-29 close $11.45
Friday Jan 30 1998
Buy & Sell columnist Sonita Horvitch says in the Friday edition of the Financial Post that Stelco is one
of the top stock picks of Irwin Michael, manager of ABC Funds. Ms Horvitch notes the stock, recently
$11.70, has a 52-week range of $13.35 to $7.20. This major integrated steel producer is based in
Hamilton, Ontario. Mr Michael says the company has a book value of $12.25 a share, a strong balance
sheet with cash that should reach about $550 million by yearend and no major shareholder. Its
management is focused and flexible in altering its product mix according to changes in the market. His
earnings per share estimates are $1.15 to $1.20 for 1997 and $1.30 to $1.35 for 1998. He says this is a
value play and a potential takeover target. Overall, ABC Funds is highlighting Canadian companies
which are fundamentally cheap and could be takeover candidates. Mr Michael says it is likely to be a
bumpy ride on the Toronto Stock Exchange this year.
(c) Copyright 1997 Canjex Publishing Ltd. canada-stockwatch.com

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