Sault Ste. Marie, Ontario-based flat rolled sheet and plate steelmaker Essar Steel Algoma announced Wednesday that its parent companies will provide $50 million of credit support to reinforce the company's liquidity position.
The Company is seeking an amendment from the lenders under its September 2012 Credit Agreement to allow for access to the funds as required.
In February, Essar Steel Algoma reported EBITDA of $9.7 million and a net loss of $25.1 million for the three month period ended December 31, 2012.