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Essar Steel Algoma to receive $50M in credit

Keywords: Tags  Essar Steel Algoma, Essar Steek Holdings, steel, flat-rolled, hot-rolled, cold-rolled, credit support, steelmaker Catherine Ngai

NEW YORK — Essar Steel Algoma Inc. parent company Essar Steel Holdings Ltd. will provide $50 million in credit support to reinforce the flat-rolled steelmaker’s liquidity position, it said.

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 (, Feb. 14).

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