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Stelco Holdings Inc. is listed on the TSX under the symbol "STLC"

News Releases

Stelco Inc. - Proposed term loan refinancing

    HAMILTON, ON, April 9 /CNW/ - Stelco Inc. (TSX: STE) announced today that
it has entered into a commitment letter with GE Corporate Lending Canada
relating to a proposed refinancing of Stelco's existing revolving term loan.
The proposed refinancing would replace Stelco's existing revolving term loan
with a fully drawn facility in a US dollar amount equivalent to $275 million
having a term of six years. The new facility would have a significantly lower
interest rate and fees compared to Stelco's existing revolving term loan. The
completion of the refinancing is subject to a number of conditions which must
be satisfied no later than May 11, 2007. In relation to this refinancing,
Stelco has entered into an agreement with its lender for the existing
revolving term facility to defer payment of the annual fee otherwise payable
thereunder on March 31, 2007 until May 11, 2007. Under the agreement, if the
existing revolving term credit facility is repaid by May 11, 2007, the
deferred fee will be waived.
    "This financing, in addition to our recently enhanced asset based loan
facility, provides a favourable long term debt structure for Stelco and is
expected to reduce our financing costs", said Rodney Mott, President and Chief
Executive Officer.

    About Stelco

    Stelco is one of Canada's largest steel companies. It is focused on its
two Ontario-based integrated steel businesses located in Hamilton and in
Nanticoke. These operations produce high quality value-added hot rolled, cold
rolled, coated sheet and bar products. To learn more about Stelco and its
businesses, please refer to our Web site at

    About GE Corporate Lending

    With $14 billion in assets, GE Commercial Finance Corporate Lending is
one of North America's largest providers of asset-based, cash flow, structured
finance and other financial solutions for mid-size and large companies.


    This press release contains "forward-looking information" that is based
on Stelco's expectations, estimates and projections as of the date of this
press release or as of the date which such information is identified to be
given. This forward-looking information includes, among other things, factors
relating to the business, financial position, operations and prospects of
Stelco, including Stelco's plans to refinance its existing revolving term
loan. Often, but not always, forward-looking information can be identified by
the use of words and phrases such as "plans", "expects" or "does not expect",
"is expected", "budget", "scheduled", "estimates", "forecasts", "intends",
"anticipates" or "does not anticipate", or "believes", or variations of such
words and phrases or states that certain actions, events or results "may",
"could", "would", "might" or "will" be taken, occur or be achieved.
Forward-looking information involves known and unknown risks, uncertainties
and other factors which may cause the actual results, performance or
achievements of Stelco to be materially different from any future results,
performance or achievements expressed or implied by the forward-looking
information. Actual results, performance and achievements are likely to
differ, and may differ materially, from those expressed or implied by the
forward-looking information contained herein. Such forward-looking information
is based on a number of assumptions which may prove to be incorrect,
including, but not limited to, the ability of Stelco to negotiate a
satisfactory credit agreement and the satisfaction of the other conditions to
the completion of the refinancing. While Stelco anticipates that subsequent
events and developments may cause Stelco's views to change, Stelco
specifically disclaims any obligation to update this forward-looking
information. This forward-looking information should not be relied upon as
representing Stelco's views as of any date subsequent to the date of this
press release.

    %SEDAR: 00001549E

For further information:
For further information: J. Kenneth Rutherford, Chief Financial Officer,
Stelco Inc., (905) 528-2511, Extension 2926