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Essar confirms $50M credit amendment

Keywords: Tags  Essar Steel Algoma, steel, liquidity, credit

NEW YORK — Essar Steel Algoma Inc. has confirmed that the company’s lenders have approved an amendment to its credit agreement intended to reinforce the flat-rolled steelmaker’s liquidity position.

The Sault Ste. Marie, Ontario-based producer said last month that it was seeking an amendment to its September 2012 credit agreement to allow access to up to $50 million in funds as required (, April 17).

The amendment also allows the company to raise an additional $25 million in secured debt to shore up liquidity, the company said.

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