7 Suitors Out To Woo Stelco

Deutsche Bank's $900-million offer to inject fresh capital in Stelco has been declared the "stalking horse" offer – that is, the offer to beat – by the Ontario court monitoring the steel group's restructuring. Stelco did not name the six bidders, saying only they had submitted "detailed proposals" by the Dec. 31, 2004 deadline, and would now "advance to phase two of the process." Four other known bidders The identities of four of the potential investors are known. They are: OAO Severstal of Russia. U.S. Steel of Pittsburgh, Pa. Algoma Steel of Sault Ste. Marie, Ont. Island Energy Partnership, a joint venture of metals giant Sherritt International and the Ontario Teachers' Pension Plan........ www.cbc.ca/story/business/national/2005/01/05/stelco-bids050105.html