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Concerning Algoma Steel

By SooToday.com Staff
SooToday.com
Wednesday, June 20, 2007

NEWS RELEASE

ALGOMA STEEL INC.

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Algoma Steel announces closing of its acquisition by Essar

SAULT STE. MARIE, ON - (June 20)- Algoma Steel Inc. today announced the completion of the arrangement involving the acquisition by a subsidiary of Essar Steel Holdings Limited of all of Algoma’s outstanding common shares for all cash consideration of $56 per share.

Algoma Steel Inc. is an integrated steel producer based in Sault Ste. Marie, Ontario.

Revenues are derived primarily from the manufacture and sale of rolled steel products including hot and cold rolled sheet and plate.

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