Essar Steel Algoma Secures $25 M Loan Agreement

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:

Company contact:

Brenda Stenta
Manager, Corporate Communications
705-945-2209
Email : Brenda.Stenta@essar.com 

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

Organization Profile

Essar Steel Algoma Inc.

More on this organization


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890