Essar Steel Algoma Inc. Announces Iron Ore True-Up Payment

SAULT STE. MARIE, ON, Jan. 5 /CNW/ - Essar Steel Algoma Inc. (ESAI) announced today that it is making a US $129 Million true-up payment to its iron ore supplier, which the supplier claims represents the difference between amounts invoiced in 2010 and amounts due under the recent arbitration award with respect to a pricing dispute. ESAI is paying the amount, on a without prejudice basis, to ensure continuity of iron ore supply during the critical winter months.  ESAI has filed a court application to vacate the arbitration award which, if successful, would result in a substantial rebate.

A member of the Essar Group, Essar Steel Algoma Inc. is based in Sault Ste. Marie, Ontario.  As a fully integrated steel producer, the Company derives its revenues primarily from the manufacture and sale of hot and cold rolled steel products including sheet and plate.

SOURCE Essar Steel Algoma Inc.

For further information:

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

Profil de l'entreprise

Essar Steel Algoma Inc.

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