more optimistic than I have been in the past that a deal is there to be done.

But it can only be modified or amended in ways that are satisfactory to the other parties.

We need the time to clear up or deal with these issues that have been raised by Keiper and Woollcombe,

The people who vote on this are the bondholders and they are not supporting this at this stage.

[He went on to say that there was a] clear consensus … at all times objective.

I feel more optimistic, … because we have a solution to the problem of the pension fund, which was an enormous problem.

We will be back at six, hopefully to announce a deal is done.

People are starting to realize that a consensual deal is good for the company. There is a deal to be done, we just have to hope that everyone can come to a common view.

It provides a strong platform for restructuring the company. And it moves us closer to the goal of emerging successfully from court protection as a viable steel producer at Lake Erie and in Hamilton.

very different from the original Tricap plan.

It became pretty clear we weren’t going to get any kind of wage concessions from our labour union,

This is positive news for the company, for our stakeholders and for the process itself,

We’ll do everything we can to achieve an outcome that all parties can support.

That’s very significant to us to have certainty around the pension funding.

The third quarter results demonstrate the continuing competitive challenge we face and the vital importance of securing a consensual restructuring which will enable us to move forward with our strategic capital program,

We believe this plan does have a fighting chance of winning approval on the understanding that it’s going to be discussed and probably modified or amended in some way,

the reason this is pretty critical, that there be no questioning from the court’s perspective about the way the board has dealt with this, is that the forecast is critical to the plan.

Our results reflect the softening in North American demand and pricing that began in the third quarter of last year and that has continued well into 2005.

If other people see it differently, they’ll see it the way they want to see it, but that’s not what it’s intended to do.

This extension will focus everyone’s attention on trying to reach an agreement. We continue to believe that such an outcome is the best for everyone concerned.

This plan, together with the restructuring agreement with the province, represents a significant step forward in our quest for a consensual restructuring and a positive outcome.

I’m frustrated, the judge is frustrated, everybody is frustrated at the position that we’re in now.

This restructuring has been nothing like what anyone would have anticipated for a whole range of reasons, driven by the fact that we started to make money.

We had hoped to achieve greater progress towards a consensual plan during the around-the-clock negotiations that have occurred in recent days,

Everyone recognizes that it is critical for the company to get this done by March 31.

If we can get signed term sheets on these two outstanding issues, that should give everyone confidence that this plan can be implemented.

Our focus now turns to working with creditors in search of a deal they can support while retaining the support of the other stakeholders who are onside.

He basically knows everyone in the industry.

it relates to the issue of board oversight of financial forecasts and whether the board did its proper job in reviewing the forecasts and making the decision. And that’s as specific as I can get.