Essar Steel Algoma credit rating cut again

Aug 18, 2014 | 02:10 PM | Michael Cowden

Tags  Essar Steel Algoma, Kalyan Ghosh, Standard & Poor's, S&P, Jarrett Bilous, credit rating, steel sheet, steel plate Michael Cowden

CHICAGO — Essar Steel Algoma Inc.’s long-term corporate credit rating has been downgraded to "selective default" from "CCC-" by Standard & Poor’s Ratings Services (S&P).

The downgrade came after the Sault Ste. Marie, Ontario-based flat-rolled steel producer failed to make an interest payment on $385 million in senior unsecured notes due July 16 following a 30-day grace period, S&P said.....

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