NEWS RELEASE ESSAR STEEL ALGOMA ************************* Today Essar Steel Algoma Inc. issued comment on the motion served by Essar Global Fund Limited on Jan. 28, 2017 regarding Algoma's restructuring proceedings. Kalyan Ghosh, Chief Executive Officer, defended Algoma's restructuring efforts: "We take issue with the continued tactics deployed by Essar Global Fund Limited (EGFL) to circumvent the established Sale and Investment Solicitation Process and to disrupt the Restructuring Proceedings." He went on to say, "On Feb. 15, 2015 Essar Steel Algoma Inc. launched a comprehensive, court-approved Sale and Investment Solicitation Process (SISP) to elicit the optimal restructuring outcome for Algoma. The process provided for the solicitation and thorough vetting of all interested parties to ensure they would have the wherewithal to see a transaction through to successful completion. Among others, Essar Global Fund Limited was given equal opportunity to compete in the process; and they did not advance.