Algoma Announces Financial Results

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Algoma Announces Financial Results for Fiscal Year 2018 and First Half Fiscal 2019

SAULT STE. MARIE (November 2nd, 2018) – Essar Steel Algoma Inc. (doing business as Algoma) announced today that it has released its financial results of operations for the fiscal year ended March 31, 2018 and for the six-months ended September 30, 2018. The financial statements for these periods can be found on the website of the Monitor appointed by the Ontario Superior Court of Justice (Commercial List) pursuant to the Companies’ Creditors Arrangement Act(the “CCAA”), at www.ey.com/ca/essaralgoma.

Algoma is based in Sault Ste. Marie, Ontario. As a fully integrated steel producer, the Company manufactures hot and cold rolled steel products including sheet and plate.

Essar Steel Algoma Inc. filed for creditor protection under the Company’s Creditors Arrangement Act on November 9, 2015. Relevant documents 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. While the company is officially doing business as
Algoma, the company remains Essar Steel Algoma Inc. for legal and financial purposes for the
duration of the restructuring process.