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Essar receives $50 million in credit support

NEWS RELEASE ESSAR STEEL ALGOMA ***************************** Essar Steel Algoma to receive liquidity support from its parent companies SAULT STE. MARIE - Essar Steel Algoma Inc.
SooToday Staff

NEWS RELEASE

ESSAR STEEL ALGOMA

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Essar Steel Algoma to receive liquidity support from its parent companies

SAULT STE. MARIE - Essar Steel Algoma Inc. announced today that its parent companies will, in the aggregate, provide $50 million of credit support to reinforce the Company’s liquidity position.

The Company is seeking an amendment from the lenders under its September 2012 Credit Agreement to allow for access to the funds as required.

Essar Steel Algoma Inc. is 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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