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MTR Issues Canadian Distressed Research Update on Stelco Inc. (STELCO)

For Immediate Release

January 11, 2006 - New York, NY - Miller Tabak Roberts Securities, LLC ("MTR Securities"), a leading international broker-dealer specializing in corporate high-yield, convertible bonds and emerging market debt, published a fixed-income Candadian Distressed research update on Stelco Inc. (STELCO). STELCO's creditors recently approved its Third Amended and Restated Plan of Arrangement and Reorganization. The Third Plan provides for, among other things, the issuance of the USD equivalent of C$275 million in second-priority floating rate notes, payable at STELCO's option of cash at LIBOR + 500bps or in-kind at LIBOR + 800bps. MTR today issues a short-form update to its STELCO coverage, presenting our estimates for 4Q05 performance, projections for 2006 performance, and a detailed discussion of the second-priority floating rate notes to be issued if the Third Plan is sanctioned and made effective.

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