Withdraws Temporary Restraining Order
SAULT STE. MARIE, ON, Oct. 15, 2015 /PRNewswire/ - Essar Steel Algoma Inc. announced today that it has secured an alternate, interim iron ore supply. As a result, Essar Steel Algoma has withdrawn its motion for a Temporary Restraining Order against Cliffs Natural Resources Inc. The Company continues to pursue resolution through the courts on the matter of breach of contract.
Essar Steel Algoma CEO Kalyan Ghosh commented on the development, "We are focusing on the things we can control. We were able to source iron ore and we have taken these steps to assure our customers of continued supply. We will address the matter of Cliff's breach of contract in due course."
About Essar Steel Algoma Inc.
Essar Steel Algoma Inc. is based in Sault Ste. Marie, Ontario. As a fully integrated steel producer, the company derives its revenues primarily from the manufacture and sale of hot and cold rolled steel products including sheet and plate. Founded in 1901 as Algoma Steel, the company was acquired in June 2007 by Essar Steel Holdings Limited. Its products are sold to customers in the automotive, light manufacturing, construction, shipbuilding, energy, mining and steel distribution industries.
SOURCE Essar Steel Algoma Inc.