EssarSteel  Essar Steel Algoma News release…
SAULT STE. MARIE – On December 3, 2015, in recognition of Essar Steel Algoma Inc.’s (ESAI)
current Stay of Proceedings, the matter of Cleveland-Cliffs vs. Essar Steel Algoma Inc. was
dismissed by the Court for the Northern District of Ohio without prejudice. This ruling
encompasses the lawsuit filed by Cleveland-Cliffs on January 12, 2015 against ESAI in the
amount of approximately US$90 million and ESAI’s counter-claims against Cleveland-Cliffs filed
February 13, 2015 for damages in excess of US$164 million.
Essar Steel Algoma’s Chief Executive Officer Kalyan Ghosh commented on the development,
“We are very pleased with this decision by the Ohio Judge. We believe the issues between Cliffs
and the Company can be effectively addressed in conjunction with the CCAA proceeding and, if
required, the US chapter 15 Court. The Ohio Court’s action appears consistent with this belief.”