The matter of Cleveland-Cliffs vs.
Essar Steel Algoma Inc. was dismissed Thursday by the Court for the Northern District of Ohio without prejudice. This ruling encompasses the lawsuit filed by Cleveland-Cliffs on January 12, 2015 against ESAI in the amount of approximately $90 million and ESAI's counter-claims against Cleveland-Cliffs filed February 13, 2015 for damages in excess of $164 million.
Essar Steel Algoma's Chief Executive Officer Kalyan Ghosh commented on the development: "We are very pleased with this decision by the Ohio Judge. We believe the issues between Cliffs and the Company can be effectively addressed in conjunction with the CCAA proceeding and, if required, the
US chapter 15 Court. The Ohio Court's action appears consistent with this belief."