Essar Steel Algoma Inc. Concludes Phase Two of Sale and Investment Solicitation Process

Statement from Essar Steel Algoma…
SAULT STE. MARIE, ONTARIO – Essar Steel Algoma has closed the second
phase of the Sale and Investment Solicitation Process. The Company is
currently working, in consultation with the Chief Restructuring Advisor, its
financial advisors and the Monitor, to advance the process toward a successful
transaction. The necessary stakeholders will be engaged forthwith in an effort to
conclude the process before August 31, 2016.
Essar Steel Algoma Inc. filed for creditor protection under the Companies
Creditors Arrangement Act on November 9, 2015. The Sale and Investment
Solicitation Process was launched on February 11, 2016. Relevant documents,
including the SISP Order and the SISP Process Outline can be found on the
Monitor’s website at www.ey.com/ca/essaralgoma and on the Prime Clerk
website at http://cases.primeclerk.com/EssarSteel.