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HAMILTON, ON, Nov. 16, 2018 /CNW/ - Stelco Holdings Inc.
("Stelco" or the "Company") (TSX: STLC) announced today that the
Toronto Stock Exchange ("TSX") has approved Stelco's previously
announced normal course issuer bid. As previously announced, Stelco
intends to purchase up to 4,440,681 common shares pursuant to the
bid. The bid will commence on November 21,
2018 and end on November 20,
2019, or such or earlier date as Stelco may determine or
such earlier date as Stelco may complete its purchases pursuant to
the notice of intention filed with the TSX.
The maximum number of common shares that may be repurchased for
cancellation under the bid represents approximately 5% of the
88,813,637 common shares issued and outstanding as of November 13, 2018. The average daily trading
volume ("ADTV") for the six months ended November 9, 2018, calculated in accordance with
the rules of the TSX for purposes of the bid, was 113,548 common
shares. Under the rules of the TSX, Stelco is entitled to
repurchase, during each trading day, up to 25% of the ADTV or
28,387 common shares (excluding purchases made pursuant to the
block purchase exception).
Repurchases will be made through the facilities of the TSX as
well as through other designated exchanges and alternative trading
systems in Canada in accordance
with applicable regulatory requirements. The price paid for such
repurchased shares will be the market price of such shares at the
time of acquisition or such other price as may be permitted by the
TSX. All common shares repurchased under the normal course issuer
bid will be cancelled. The actual number of shares and timing of
the repurchases under the bid will be determined by
Stelco.
About Stelco
Stelco is a low cost, integrated and independent steelmaker with
one of the newest and most technologically advanced integrated
steelmaking facilities in North
America. Stelco produces flat-rolled value-added steels,
including premium-quality coated, cold-rolled and hot-rolled steel
products. With first-rate gauge, crown, and shape control, as well
as reliable uniformity of mechanical properties, our steel products
are supplied to customers in the construction, automotive and
energy industries across Canada
and the United States as well as
to a variety of steel services centres, which are regional
distributers of steel products.
Forward-Looking Information
This release contains ''forward-looking information'' within
the meaning of applicable securities laws. Forward- looking
information may relate to our future outlook and anticipated events
or plans and objectives of our Company. In some cases,
forward-looking information can be identified by the use of
forward-looking terminology such as ''plans'', ''targets'',
''expects'' or ''does not expect'', ''is expected'', ''an
opportunity exists'', ''budget'', ''scheduled'', ''estimates'',
''outlook'', ''forecasts'', ''projection'', ''prospects'',
''strategy'', ''intends'', ''anticipates'', ''does not
anticipate'', ''believes'', or variations of such words and phrases
or state that certain actions, events or results ''may'',
''could'', ''would'', ''might'', ''will'', ''will be taken'',
''occur'' or ''be achieved''. Forward-looking statements are not
historical facts but instead represent management's expectations
regarding future events or circumstances.
Forward-looking information in this news release includes
statements about Stelco's normal course issuer bid and potential
purchases made pursuant to the bid. Undue reliance should not be
placed on forward-looking information. The forward- looking
information in this press release is based on our opinions,
estimates and assumptions in light of our experience and perception
of historical trends, current conditions and expected future
developments, as well as other factors that we currently believe
are appropriate and reasonable in the circumstances. Despite a
careful process to prepare and review the forward-looking
information, there can be no assurance that the underlying
opinions, estimates and assumptions will prove to be correct.
Certain assumptions relating to the Company's business, as well as
general business and economic conditions, are material factors made
in preparing the forward-looking information and management's
expectations contained in this press release.
Such forward-looking information is subject to known and
unknown risks, uncertainties, assumptions and other factors that
may cause the actual results to be materially different from those
expressed or implied by such forward-looking information. There can
be no assurance that such information will prove to be accurate, as
actual results and future events could differ materially from those
anticipated in such information. Accordingly, readers should not
place undue reliance on forward looking information, which speaks
only as of the date made. The forward-looking information contained
in this press release represents our expectations as of the date of
this news release, and are subject to change after such date.
Stelco disclaims any intention or obligation or undertaking to
update publicly or revise any forward-looking statements, whether
written or oral, whether as a result of new information, future
events or otherwise, except as required by law.
SOURCE Stelco