SAULT STE. MARIE, ON, Dec. 6, 2013 /CNW/ - Further to the May 6th, 2013 amendment to its credit agreement, Essar Steel Algoma Inc. closed
today on a $25 million USD secured loan with an institutional investor.
This agreement reinforces the Company's liquidity position heading into
the customary seasonal raw material inventory build.
Essar Steel Algoma Chief Executive Officer Kalyan Ghosh commented on the
development, "We continue to make strides in securing the reliability
and sustainability of the business. When combined with our competitive
cost position, improving industry fundamentals, lower raw material
costs and pending amendment to our pension funding model, this
agreement further reinforces our progress and demonstrates investor
confidence in our long term prospects."
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
Email : Brenda.Stenta@essar.com
Director Investor Relations
Phone : +1.705.945.2467
E-mail : Flora.Wood@essar.com