Oregon Steel Mills Announces Stelco Seeking Court Approval for OSM Affiliate to Purchase...

PORTLAND, Ore. -- Oregon Steel Mills, Inc. (NYSE:OS) today announced that Stelco Inc. has applied for a Court order approving the sale by its wholly-owned subsidiary, Stelcam Holdings Inc., of its partnership interest in Camrose Pipe Company (the "Camrose Partnership") to Canadian National

The Camrose Partnership is a producer of steel pipe using two pipe mills in Camrose, Alberta. The operations of the Camrose Partnership are managed by Canadian National.

Ernst & Young Inc., the Court-appointed Monitor of Stelco has filed a report with the Court recommending that the Court approve the sale. The motion will be heard by the Court on March 30, 2005. The purchase price has not been disclosed and the motion seeks a temporary sealing order with respect to the purchase price until the transaction is completed, scheduled for March 30, 2005.

Oregon Steel Mills, Inc. is organized into two divisions. The Oregon Steel Division produces steel plate, coil, welded pipe and structural tubing from plants located in Portland, Oregon and Camrose, Alberta, Canada. The Rocky Mountain Steel Mills Division, located in Pueblo, Colorado, produces steel rail, rod, bar, and tubular products.