Essar Steel Algoma gets more time under revolver, cuts commitments

By Susanna Moon

Chicago, June 20 - Essar Steel Algoma Inc. said it arranged an extension of its revolving credit agreement - set to expire Wednesday - while it looks for more permanent financing.

The company also agreed to reduce commitments under the agreement to C$300 million from C$350 million.

The revolver will now expire at the earlier of Sept. 20 and 10 days following an adverse ruling in the Indalex matter, according a company press release.

Essar is a steel company based in Sault Ste. Marie, Ontario.

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