Sale process advances forward at Essar Steel Algoma

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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.