Latest on Stelco

Last night, all the creditors approved the restructuring plan. So, it seems that the battle for shares is heating up, which was the big roadblock for creditors to accept the plan. There is speculation that the creditors are jockeying for position to hold more shares now, due to the interest in Dofasco and the premium offered by TK...will Stelco get the same deal? I don't think the world players are going to make a bid for Stelco any time soon...no concessions from the unions through this process still makes it unattractive at this time. Stelco is going to need some cash to pay its bills next year, to the pension fund. With a slight steel glut coming in the second quarter 2006, it will be difficult for Stelco to meet its obligations. See how things go, I wish them luck.