New York, September 30, 2014 -- Moody's comments that Essar Steel Algoma's (ESA) recapitalization and refinancing plan has no immediate impact on the company's Ca Corporate Family Rating (CFR) or its Ca-PD Probability of Default rating. Under the Plan of Arrangement approved by the Ontario Superior Court of Justice, ESA will be refinancing its capital structure and receiving a capital infusion from Essar Global Fund Ltd. Under the final order, lenders under the ABL/Term loan facility, which had a maturity date of September 20, 2014 and was not repaid, or other parties as set forth in the final order, may not terminate, accelerate, declare a default or take other actions as described until the earlier of the effective date of the refinancing and recapitalization or November 15, 2014.

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