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Last updated on April 20, 2014 at 21:20 EDT

Essar Steel Algoma Confirms Amendment to Credit Agreement

May 7, 2013

SAULT STE. MARIE, ON, May 7, 2013 /PRNewswire/ – Essar Steel Algoma Inc.
confirmed today that the Company’s lenders have approved an amendment
to its September 2012 Credit Agreement allowing for credit support from
its parent companies to reinforce the Company’s liquidity position. The
amendment also allows the Company to raise additional secured debt of
$25 million to reinforce the Company’s liquidity situation. The
amendment became effective May 6, 2013.

Under the amendment the Company has entered into agreements with its
parent companies providing access to funds as required, up to $50
million.

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.

SOURCE Essar Steel Algoma Inc.


Source: PR Newswire