05:29:50 EDT Fri 29 Mar 2024
Enter Symbol
or Name
USA
CA



Stelco Holdings Inc
Symbol STLC
Shares Issued 88,713,289
Close 2020-10-23 C$ 14.09
Market Cap C$ 1,249,970,242
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Stelco suffers cyberattack; steel production resumes

2020-10-26 02:25 ET - News Release

Mr. Trevor Harris reports

STELCO ANNOUNCES CYBERSECURITY ATTACK

Stelco Holdings Inc. has been subject to a criminal attack on its information systems.

In response, Stelco immediately implemented countermeasures in accordance with established cybersecurity procedures and policies that have been developed in collaboration with expert external advisers. The countermeasures taken were effective and limited the scope of the attack. Certain operations, including steel production, were temporarily suspended as a precautionary measure but have since resumed operations.

Stelco's team, in conjunction with industry-leading cybersecurity specialists and other advisers, continues to investigate the incident and extent of the impact on its systems. Stelco is implementing its backup and recovery plans to fully re-establish its systems as quickly as possible, and some business functions may be adversely affected during this recovery process.

Criminal cyberattacks on businesses and other organizations around the world are increasingly prevalent in the 21st century, and Stelco will be co-operating with law enforcement authorities to investigate this crime.

In addition to the continued development of industry-leading cybersecurity practices, Stelco is committed to utilizing all available means to protect its operations, and customer, employee and business information. Stelco will continue to invest in its information technology networks and security to detect and minimize the risk of unauthorized activity in this age of ever increasing and highly sophisticated information security threats.

About Stelco Holdings Inc.

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, the company's steel products are supplied to customers in the construction, automotive, manufacturing and energy industries across Canada and the United States, as well as to a variety of steel service centres, which are regional distributers of steel products.

We seek Safe Harbor.

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