Stelco — Capital/Financing Update 2021

May 29, 2021

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79 Wellington St. W., 30th Floor Box 270, TD South Tower Toronto, Ontario M5K 1N2 Canada P. 416.865.0040 | F. 416.865.7380 www.torys.com

May 28, 2021

To: British Columbia Securities Commission Alberta Securities Commission Financial and Consumer Affairs Authority of Saskatchewan The Manitoba Securities Commission Ontario Securities Commission Autorité des marchés financiers Financial and Consumer Services Commission (New Brunswick) Nova Scotia Securities Commission Superintendent of Securities, Prince Edward Island Superintendent of Securities, Newfoundland and Labrador Superintendent of Securities, Yukon Superintendent of Securities, Northwest Territories Superintendent of Securities, Nunavut

Dear Sirs/Mesdames:

Re: Stelco Holdings Inc. Prospectus Supplement dated May 28, 2021 to the Short Form Base Shelf Prospectus dated February 11, 2021 (the “Prospectus Supplement”)

We hereby consent to the reference to our name on the inside cover page and under the heading “Legal Matters and Interest of Experts” and to the reference to our name and to the use of our opinions under the heading “Eligibility for Investment” in the Prospectus Supplement relating to the offering of common shares of Stelco Holdings Inc.

We have read the Prospectus Supplement and have no reason to believe that there are any misrepresentations in the information contained in the Prospectus Supplement that are derived from our opinions or that are within our knowledge as a result of services we performed in connection with such opinions.

Yours truly,

“Torys LLP”