Algoma Steel Announces Termination of Discussions with Salzgitter AG

    SAULT STE. MARIE, ON, March 13 /CNW/ - Algoma Steel Inc. today announced
that discussions with Salzgitter AG regarding a possible acquisition of Algoma
have terminated. While discussions with Salzgitter were under way, a number of
other interested parties contacted Algoma expressing interest in acquiring the
Company. Algoma will be providing some of these parties with information about
the Company and entering into preliminary discussions with them. There can be
no assurance that any agreement will result from these discussions or that any
transaction will be completed.

    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: Brenda Stenta, Manager, Corporate
Communications, Phone: (705) 945-2209, Email:

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