Essar Steel Algoma Confirms Amendment to Asset-Based Lending Term Loan

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:

COMPANY CONTACT:
Brenda Stenta
Manager Corporate Communications
Phone: +1.705.945.2209
E-mail: brenda.stenta@essar.com

INVESTOR CONTACT:
Flora Wood
Director Investor Relations
Phone : +1.705.945.2467
E-mail : flora.wood@essar.com

Profil de l'entreprise

Essar Steel Algoma Inc.

Renseignements sur cet organisme


FORFAITS PERSONNALISÉS

Jetez un coup d’œil sur nos forfaits personnalisés ou créez le vôtre selon vos besoins de communication particuliers.

Commencez dès aujourd'hui .

ADHÉSION À CNW

Remplissez un formulaire d'adhésion à CNW ou communiquez avec nous au 1-877-269-7890.

RENSEIGNEZ-VOUS SUR LES SERVICES DE CNW

Demandez plus d'informations sur les produits et services de CNW ou communiquez avec nous au 1‑877-269-7890.