NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES
OR FOR DISSEMINATION IN THE UNITED
STATES
HAMILTON, ON, Oct. 25, 2020
/CNW/ - Stelco Holdings Inc. ("Stelco" or the "Company") (TSX:
STLC) a low-cost, integrated and independent steelmaker and
100% owner of the operating company Stelco Inc.,
announced that it was 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 advisors. 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 advisors, continues to
investigate the incident and extent of the impact on its
systems. Stelco is implementing its back-up 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
cooperating 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
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,
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. For
more information about Stelco, please visit www.stelco.com.
Forward-Looking Information
This news release contains forward-looking statements, as
defined by applicable securities legislation, including statements
regarding Stelco's actions in response to the cyber attack and the
anticipated impact of the attack on Stelco's business and
operations. Often, but not always, forward-looking statements can
be identified by the use of words such as "set up," "on track,"
"expect," "estimate," "forecast," "target," "outlook," "schedule,"
"represent," "continue," "intend," "should," "would," "could,"
"will," "can," "might," "may," and other expressions which are
predictions of or indicate future events, trends or prospects and
which do not relate to historical matters identify forward-looking
statements. Forward-looking statements involve known and unknown
risks, uncertainties and other factors which may cause the actual
results, performance or achievements of the Company to be
materially different from any future results, performance or
achievements expressed or implied by the forward-looking
statements.
Although the Company believes it has a reasonable basis for
making these forward-looking statements, readers are cautioned not
to place undue reliance on such forward-looking information. By its
nature, forward-looking information involves numerous assumptions,
inherent risks and uncertainties, both general and specific, which
contribute to the possibility that the predictions, forecasts and
other forward-looking statements will not occur. Factors that could
cause actual results to differ materially from those contemplated
or implied by forward-looking statements include changes in general
economic and/or market conditions, including as a result of
COVID-19, and material changes in the business or affairs of the
Company many of which are outside of the Company's control, which
could cause actual results to differ materially from the results
discussed in the forward-looking statements.
The forward-looking statements contained in this news release
are made as of the date hereof, and, except as required by
applicable law, the Company does not undertake to update any
forward-looking statements, whether written or oral, that may be
made from time to time by, or on behalf of, the Company, whether as
a result of new information, future events or otherwise, or to
publicly update or revise the above list of factors affecting this
information. New factors emerge from time to time, and it is not
possible for the Company to predict all such factors. When
considering the forward-looking statements included in this news
release, please keep in mind the risk factors and other cautionary
statements described in the Company's management's discussion and
analysis for the three and six months ended June 30, 2020, and for the year
ended December 31, 2019 and the Company's annual
information form for the year ended December 31, 2019, each
available under the Company's profile on SEDAR
at www.sedar.com.
SOURCE Stelco