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Slater Steel Completes Sale Of Sorel Forge

March 15, 2004
Going concern sale brings C$41 milllion

According to a Dow Jones report, minimill Slater Steel Inc., Mississauga, ON, has completed the sale, on a going concern basis, of substantially all the assets of Sorel Forge to a subsidiary of A. Finkl & Sons Co. for about C$41 million.

Located in Sorel-Tracy, PQ, Sorel Forge is the largest integrated open-die forging plant in Canada. Sorel produces mold, tool, and die steels, custom forgings and forged steel bars. It employs about 270 hourly and salaried employees.

The company and its subsidiaries sought creditor protection on June 2, 2003 and have announced either the wind-down and orderly realization or the sale of its remaining assets. Slater Steel shares will be delisted from trading on the Toronto Stock Exchange at the close of business March 19.