Essar Steel Algoma to get $300M from parent

Jul 16, 2014 | 03:14 PM | Michael Cowden

Tags  Essar Steel Algoma, Kalyan Ghosh, Essar Global Fund, Essar Group, unsecured notes, senior secured debt, steel, cash infusion Michael Cowden

CHICAGO — Essar Steel Algoma Inc. is slated to receive a $300-million cash infusion from its parent company to pay down debt and strengthen its balance sheet.

The transaction, if executed, should stave off what Standard & Poor’s Ratings Services warned last month could be a "significant refinancing" or "general default" by an important supplier to markets in Canada and the U.S. Midwest (, June 27).....

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