ST. LAWRENCE CEMENT GROUP INC.
TSX : ST.A

ST. LAWRENCE CEMENT GROUP INC.

December 01, 2006 13:13 ET

St. Lawrence Cement will Seek Leave to Appeal to the Supreme Court of Canada Regarding the Beauport Class Action

MONTREAL, QUEBEC--(CCNMatthews - Dec. 1, 2006) - St. Lawrence Cement Group (TSX:ST.A) announced today that it will apply to the Supreme Court of Canada for leave to appeal the judgment rendered on October 31, 2006 by the Quebec Court of Appeal regarding the Beauport Class Action Suit.

The Court of Appeal held that St. Lawrence Cement was liable for damages in the context of a class action brought in relation to the company's operations at its Beauport plant from 1991 to 1997. The Company believes that the judgment of the Court of Appeal is flawed in several respects and that it raises legal issues of great importance in relation to class actions and industrial operations in Quebec and throughout Canada. In the Company's view, the Supreme Court's guidance is required on these issues.

Whilst the Company believes that it has reasonable grounds to appeal to the Supreme Court of Canada, St. Lawrence Cement wishes to be prudent and consistent with what has been previously communicated in its 2005 annual report. The Company will therefore record a pre-tax provision of $13.8 million in its fourth quarter.

St. Lawrence Cement Group is a leading producer and supplier of products and services for the construction industry, namely cement, concrete, aggregates and construction. The company operates in Canada and on the eastern seaboard of the United States, and employs a total of 3,200 people.

Contact Information

  • St. Lawrence Cement Group Inc.
    Nicole Jarry
    Director, Corporate Communications
    514-340-1555, ext. 206