Essar Steel Algoma Confirms SISP Status

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Essar Steel Algoma Inc. filed a motion on June 17, 2016 for Court approval of an Asset Purchase Agreement with a consortium of bidders formed by KPS Capital Partners, LP and the Company’s prepetition term lenders.

The bid was selected in accordance with the court approved Sale and Investment Solicitation Process (“SISP”), after consultation with the Company’s financial advisors and the Chief Restructuring Advisor, and with the approval of the Monitor, who is appointed by the court to supervise the process.

The Asset Purchase Agreement, along with all related court documents can be
viewed on the Monitor’s website at www.ey.com/ca/essaralgoma .