Published on: 12/9/2013 3:44:01 PM Print | Font Sizes:  Normal Text Large Text

Essar Steel Algoma secures $25-million loan agreement

By: Northern Ontario Business staff

Essar Steel Algoma has secured a $25-million loan agreement with an institutional investor.

This agreement reinforces the company’s liquidity position heading into the customary seasonal raw material inventory build, according to a news release.

“We continue to make strides in securing the reliability and sustainability of the business,” said Essar Steel Algoma CEO Kalyan Ghosh in a news release. “When combined with our competitive cost position, improving industry fundamentals, lower raw material costs and pending amendment to our pension funding model, this agreement further reinforces our progress and demonstrates investor confidence in our long-term prospects.”

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