Stelco reaches tentative agreement with Hamilton workers

Stelco Inc. announced late Friday that it's reached a tentative agreement with United Steelworkers of America Local 1005, averting a strike at its Hilton Works in Hamilton.

Here's the full text of a news release issued by the company at 9:32 p.m.:

*************************************************************************** Stelco Inc.'s Hilton Works Reaches Tentative Labour Agreement

HAMILTON, ON, July 26 /CNW/ - Stelco Inc. announces that its Hilton Works Division has reached a tentative labour agreement with the United Steelworkers of America, Local 1005, renewing the current labour agreement which expires July 31, 2002.

The ratification vote of the new agreement will be held Tuesday, July 30, with the plant continuing to operate in the interim.

There will be no further comment from the company at this time.

Stelco Inc. is a market-driven, technologically advanced group of businesses that are committed to maintaining leadership roles as steel producers and fabricators. These businesses are dedicated to meeting the requirements of their customers and collectively providing an appropriate return for Stelco shareholders.

Stelco has a presence in six Canadian provinces and two states of the United States. Consolidated net sales in 2001 were $2.6 billion.

This news release contains forward-looking information with respect to Stelco's operations and future financial results.

Actual results may differ from expected results for a variety of reasons including the factors discussed in the Management's Discussion and Analysis section of the Corporation's 2001 Annual Report. ***************************************************************************

Meanwhile, Mississauga-based specialty producer Slater Steel announced that workers at its specialty alloys division in Indiana have offered to unconditionally end a work stoppage.

Here's the full text of the company's release:

*************************************************************************** Slater Steel's Fort Wayne Specialty Alloys' Division Hourly Workers Expected to Return to Work

MISSISSAUGA, ON, July 26 /CNW/ - Slater Steel Inc. announced today that the hourly workers at its Fort Wayne Specialty Alloys' Division in Fort Wayne, Indiana, who are represented by the United Steelworkers of America (USWA), Local 14, have unconditionally offered to return to work on Monday, July 29, 2002.

The workers commenced a work stoppage on July 18, 2002 over unresolved grievances, none of which have yet been resolved.

The workers will continue working without an agreement, as their collective agreement expired on May 19, 2002.

Negotiations with the USWA are expected to resume on Monday, July 29, 2002.

Slater Steel Inc. common shares are listed on The Toronto Stock Exchange and trade under the symbol SSI.

Slater Steel is a mini mill producer of specialty steel products. The Corporation manufactures and markets bar and flat rolled stainless steels, carbon and low alloy steel bar products, vacuum arc and electro slag remelted steels, mold, tool and die steels and hollow drill and solid mining steels.

The Corporation's mini mills are located in Fort Wayne, Indiana, Hamilton and Welland, Ontario and Sorel-Tracy, Quebec.