Algoma Steel announces closing of its acquisition by Essar

    TSX Symbol: AGA

    SAULT STE. MARIE, ON, June 20 /CNW/ - Algoma Steel Inc. today announced
the completion of the arrangement involving the acquisition by a subsidiary of
Essar Steel Holdings Limited of all of Algoma's outstanding common shares for
all cash consideration of $56 per share.

    Algoma Steel Inc. is an integrated steel producer 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.

    %SEDAR: 00001257E

For further information:

For further information: Company Contact: Brenda Stenta, Manager,
Corporate Communications, Phone: (705) 945-2209, Email:

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