SAULT STE. MARIE, ON, Dec. 12, 2013 /CNW/ - Essar Steel Algoma Inc.
confirmed today that the Company's lenders have approved an amendment
to the borrowing base available under its Asset-Based Lending Term Loan
allowing for a $24 million USD improvement in cash availability. The
amendment became effective December 11, 2013.
Kalyan Ghosh, Chief Executive Officer, commented on the amendment,
"Management continues to take steps towards ensuring the essential
seasonal raw material inventory build to achieve its targeted
production levels and capitalize on the current steel market. When
combined with the $25 million USD loan agreement which closed December
6, 2013, the increased borrowing base aids in positioning the Company
on this path."
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.
For further information:
Manager Corporate Communications
Director Investor Relations
Phone : +1.705.945.2467
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