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Gold/Mining/Energy : STE-TSE STELCO BALANCE SHEET IMPROVING -- Ignore unavailable to you. Want to Upgrade?

To: Mike Smillie who wrote (27)	2/2/1998 2:31:00 PM
From: phoenix_investor	Respond to of 46

Stelco redeems all Pref B's and 50% of C's, about $100mm, also market purchase of 5% of common. Attention Business Editors: STELCO INC. - PREFERRED SHARE REDEMPTION HAMILTON, Ont., Feb. 2 /CNW/ - Stelco Inc. announced today that it has exercised its right to redeem all of its issued and outstanding Series B Preferred Shares and 2,703,314 (being 50%) of its issued and outstanding Series C Preferred Shares. The Company also announced a dividend of $0.485 per share of both series for the period February 1, 1998, to April 30, 1998, inclusive. The dividend will be payable to holders of Series B Preferred Shares as at April 17, 1998, and to holders of Series C Preferred Shares as at April 1, 1998. The redemption date will be May 1, 1998, and the redemption price paid will be $25 per share. The quarter's dividend of $0.485 per share on both series will be paid concurrently with the redemption with respect to those shares being redeemed. Dividends on shares not being redeemed will be paid in the ordinary course on May 1, 1998. In accordance with their share provisions, the Series C Preferred Shares to be redeemed will be determined by lot by the Company's transfer agent, CIBC Mellon Trust Company. The effect of this method of redemption, which is the method stipulated in the Articles of the Company, will result in some holders having more Series C Preferred Shares redeemed than others. A notice of redemption will soon be mailed to all registered holders of Series B Preferred Shares and to those holders of Series C Preferred Shares chosen for redemption. To receive payment, holders of preferred shares subject to redemption must present their certificates representing their preferred shares to CIBC Mellon Trust Company at 393 University Avenue, 5th Floor, Toronto, Ontario, M5G 2M7 on or after May 1, 1998. +++++++++++++++++++++++++++++++++++++++++++ Stelco Inc. and its affiliates are a group of market-driven, technologically advanced businesses that are committed to maintaining leadership roles as suppliers of high-quality steel products. These businesses are dedicated to meeting the requirements of their customers as well as collectively providing an appropriate return for Stelco shareholders. Stelco has a presence in six Canadian provinces and three states of the United States. Consolidated sales in 1996 were $2.9 billion. -30- For further information: Eric Rogan, Executive Vice President and Chief Financial Officer, Telephone: (905) 528-2511, extension 4376; Web Site: www.stelco.com STELCO INC. has 30 releases in this database. Attention Business Editors: STELCO INC. NOTICE OF INTENTION TO PURCHASE SHARES HAMILTON, Ont., Feb. 2 /CNW/ - Stelco Inc. announced today that it intends to seek regulatory approval to enable it to purchase up to 5,364,975 of its Common Shares, representing 5 per cent of the 107,299,492 Common Shares outstanding as of January 31, 1998, pursuant to a normal course issuer bid. Purchases may only commence upon the receipt of all required regulatory approvals and will terminate one year from such date, or on such earlier date as Stelco may complete its purchases pursuant to the notices of intention to make a normal course issuer bid filed with the Toronto and Montreal stock exchanges. Purchases will be made on the open market by Stelco through the facilities of such stock exchanges in accordance with their rules and by-laws. The price which Stelco will pay for any such shares will be the market price of such shares at the time of acquisition. Stelco believes that the market price of its Common Shares at certain times may be attractive and that the purchase of Common Shares from time to time would accordingly be an appropriate use of corporate funds in light of potential benefits to remaining shareholders. ++++++++++++++++++++++++++++++++++++++++ Stelco Inc. and its affiliates are a group of market-driven, technologically advanced businesses that are committed to maintaining leadership roles as suppliers of high-quality steel products. These businesses are dedicated to meeting the requirements of their customers as well as collectively providing an appropriate return for Stelco shareholders. Stelco has a presence in six Canadian provinces and three states of the United States. Consolidated sales in 1996 were $2.9 billion. -30- For further information: Eric Rogan, Executive Vice President and Chief Financial Officer, Telephone: (905) 528-2511, extension 4376; Web Site: www.stelco.com STELCO INC. has 30 releases in this database. General Inquiries cnw@newswire.ca Technical Issues webmaster@newswire.ca