Algoma calls 11% notes

New York, Nov. 2 - Algoma Steel Inc. said it will redeem its $125 million of 11% due Dec. 31, 2009 on Jan. 3.

The Sault Ste. Marie, Ont., steelmaker will pay 105.5% of par plus accrued interest up the redemption date.

Cash balances will be used to fund the redemption. Calling the notes will save $13.75 million a year in interest expense, the company said.

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