Introduction

Stelax Industries Ltd. (the "Registrant" or the "Company") ceased all operations in March 2002 when a Receiver acquired all assets of the Company's sole operating entity, Stelax (U.K.) Limited, assets which were subsequently sold to an affiliate of the Company which the Company does not control. It is the Company's intention, subject to legal and financial restraints being removed, to incorporate other business activities in the future.

The registrant was incorporated under the laws of British Columbia, Canada in May 1987 as Zfax Image Corp, The Registrant changed its name from ZFAX Image Corp. to its present name in May 1996.

The Registrant's...