Bedrock Industries B.V. Announces Sale of Shares of Stelco Holdings Inc.

Bedrock Industries B.V. (“Bedrock”), an affiliate of Lindsay Goldberg LLC (“Lindsay Goldberg”), announced today that it has sold 12,200,000 common shares (“Common Shares”) of Stelco Holdings Inc. (“Stelco”) (TSX: STLC) to Fairfax Financial Holdings Limited (“Fairfax”) (TSX: FFH and FFH.U) and certain of its subsidiaries. The sale was completed by way of private agreement at a price of C$20.50 per common share for aggregate gross proceeds to Bedrock of C$250,100,000.

“We are delighted to welcome Fairfax as a similarly-minded, long-term strategic investor alongside Lindsay Goldberg, which represents a vote of confidence in our future, affirms the substantial work we have done to rebuild this iconic Canadian company over the past 18 months, and validates the tremendous opportunities we see ahead,” said Alan Kestenbaum, Stelco’s Executive Chairman and Chief Executive Officer. “The support and expertise of these blue-chip investors will no doubt be invaluable as we continue to execute on our strategy to best serve our customers, partners, employees, retirees, and the communities in which we operate.”

“Under Alan’s leadership, Stelco has reclaimed its status as a world-class steel producer with an enviable market position, talented workforce and strong relationships with its core stakeholders,” said Prem Watsa, Chairman and Chief Executive Officer of Fairfax.

Prior to the sale, Bedrock held 53,372,315 Common Shares, which represented approximately 60.1% of the outstanding Common Shares. Following the sale, Bedrock holds 41,172,315 Common Shares, representing approximately 46.4% of the outstanding Common Shares.

About Bedrock Industries B.V.
Bedrock is organized under the laws of the Netherlands and the address of its registered office is Strawinskylaan 1033, Toren C-10, 1077 XX Amsterdam, the Netherlands. The Common Shares were disposed of by Bedrock as a result of investment considerations including price, market conditions, availability of funds, evaluation of alternative investments and other factors. Bedrock may determine to sell all or some of the Common Shares it holds (including pursuant to its registration rights under the investor rights agreement between Stelco Holdings Inc. and Bedrock) or make distributions in kind, depending upon price, market conditions, availability of funds, evaluation of alternative investments, the interests of indirect investors in Bedrock and other factors it considers relevant from time to time. An early warning report will be filed by Bedrock in accordance with applicable securities laws and will be available on SEDAR at www.sedar.com or may be obtained directly from Jeffrey Bunder upon request at 212.651.1130.

About Stelco Holdings Inc.
Stelco Holdings Inc. is a low cost, integrated and independent steelmaker with one of the newest and most technologically advanced integrated steelmaking facilities in North America. Stelco Holdings Inc. 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, its 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.

About Lindsay Goldberg LLC
Lindsay Goldberg is a private investment firm that focuses on partnering with families, founders and management teams seeking to actively build their businesses. Founded in 2001, Lindsay Goldberg manages over $13 billion of equity capital and takes a relationship driven approach, centered upon a collaborative investment model and supported by its global network of affiliate partners. For more information about Lindsay Goldberg, please visit www.lindsaygoldbergllc.com.

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Jonathan Gasthalter / Nathaniel Garnick
Gasthalter & Co.
+ 1 (212) 257-4170