Aug 31 (Reuters) - Tree Island Steel Ltd TSL.TO :
* THE FUTURA CORPORATION AND ARBUTUS DISTRIBUTORS LTD. WITHDRAW THEIR NON-BINDING UNSOLICITED PROPOSAL FOR TREE ISLAND'S SHARES
* TREE ISLAND STEEL - BECAUSE OF WITHDRAWAL OF PROPOSAL BY OFFERORS, ENGAGEMENT OF FINANCIAL ADVISOR TO PREPARE FORMAL VALUATION OF CO BEEN TERMINATED
* TREE ISLAND STEEL-SPECIAL COMMITTEE OF CO'S BOARD ADVISED BY FUTURA CORP AND ARBUTUS DISTRIBUTORS LTD OF WITHDRAWAL OF THEIR UNSOLICITED PROPOSAL
* SPECIAL COMMITTEE HAS NOW BEEN DISSOLVED