NEW YORK Essar Steel Algoma Inc. parent company Essar Steel
Holdings Ltd. will provide $50 million in credit support to
reinforce the flat-rolled steelmakers liquidity position,
The Sault Ste. Marie, Ontario-based producer is seeking an
amendment from its lenders under a September 2012 credit
agreement to allow for access to the funds as required, the
company said April 17.
In February, the company posted its fourth consecutive
quarterly loss on the back of a "lackluster" market and lower
average sales prices (
amm.com, Feb. 14).