Algoma Steel Inc. entered into an agreement in principle to acquire all assets of Essar Steel Algoma Inc. on August 22, 2018. The transaction is subject to Bankruptcy Court approval. Ashley Taylor, Maria Konyukhova, Lee Nicholson, Sanja Sopic, Nick Avis, John Ciardullo, Billy Rosemberg, Amy Stoyan, Sarah Matthews, Peter Hamilton, Meaghan Obee Tower, Andrea Boctor, Larry Cobb, Patrick Duffy, John Lorito, Margaret Nixon, Eryn Fanjoy, Michael Kilby, Eliot Kolers, Daniel Murdoch, Patrick Corney, Andrew Elliott, Neil Shapiro, Lynda Crago, Lorna Cuthbert, Nancy Ramalho and Justine Whitehead of Stikeman Elliott acted as legal advisor to Essar Steel Algoma Inc. Gagnier Communication acted as legal advisor to Essar Steel Algoma Inc. Daniel Aronson, Bo Yi and Akshay Natarajan of Evercore Group L.L.C. acted as fiancial advisor to Essar Steel Algoma Inc. Stephen Antinelli, Nic Hooper, Michael Speller, Kevin Glodowski and Rolf Arnold of Rothschild Inc. acted as financial advisor to senior secured term lenders and Algoma Steel Inc. John McKenna and Ian Dunlop of PricewaterhouseCoopers LLP also acted as financial advisor to Algoma Steel.Ray Schrock, Kelly DiBlasi, David Cohen and Sasha Shulzhenko of Weil, Gotshal & Manges LLP acted a legal advisor for Essar Steel Algoma Inc. John Strek and Robert Del Genio of FTI Consulting Inc. acted as Chief Restructuring Advisor for Essar Steel Algoma Inc. Brian Denega, Sharon Hamilton, Allen Yao, Matt Kaplan, Fiona Han, Matt Budd, Jay Patel, Moshe Deutsch, Robert Stall, Terrance Yeung, Brendan Gallagher, Uros Karadzic, Faisal Siddiqi, Craig Roskos, Charanjit Girn, Sean Kruger, Jan Pedder, Lynne Sangster, Garth Marshall of Ernst & Young Inc. acted as monitor for Essar Steel Algoma Inc. Derrick Tay, Clifton Prophet, Nicholas Kluge, Dom Glavota, Kathleen Ritchie, Ash Gupta, Chris Alam and Kelby Carter of Gowling WLG represent Ernst & Young Inc. in the transaction. Marc Wasserman, Michael De Lellis, Andrea Lockhart, Martino Calvaruso, Sean Stidwill, John MacDonald, John Groenewegen, Charlie Zilvytis, Kevin Morley, Laurie Barrett, Jason Pearlstein, Jeremy Burgess, Paul Litner, Jon Marin, Sven Poysa, Jennifer Fairfax, Patrick Welsh, Firoz Ahmed, Greg Wylie, Alex Klyguine, Shuli Rodal, Kaeleigh Kuzma and Ryan Nielsen of Osler, Hoskin & Harcourt LLP acted as legal advisor for Algoma Steel Inc. Damian Schaible, Christopher Robertson, Stephen Salmon, Bryan Quinn, Donald Lang, J.W. Perry, Jonathan Brown, Louis Labriola, Lucy Farr and Tracy Matlock of Davis Polk & Wardwell LLP acted as legal advisor for Algoma Steel Inc. Wael Rostom, Tushara Weerasooriya, Jeff Rogers, Don Waters, Darcy Ammerman, Alex Ricchetti, Julie Han, Emily Csiszar, Rob Scavone, David Ross, Jennifer Mandel, Alma Borojeni, David Wentzell, Ralph Cuervo-Lorens, Michael Friedman, Jamie Wilks, Mary Flynn-Guglietti, Mike Richmond, Sharon Groom, Paul Boshyk, Geoffrey Kubrick, Paul Davis, and Lyndsay Wasser of McMillan LLP represented the exit term lenders and exit ABL lenders. Justin Lungstrum, Stephanie Rotter, Jeffrey Herscott, Juan Gonzalez, Michael Peragine, Janet Nadile, Jonathan Pall, Sandeep Qusba, Genevieve Dorment, Timothy Mulvihill, Timothy Gallagher, Abram Ellis, Mark Skerry, Nicole Humphrey and Jeanne Annarumma of Simpson Thacher & Bartlett LLP represented the exit term lenders and exit ABL lenders in the United States.

Algoma Steel Inc. completed the acquisition of all assets of Essar Steel Algoma Inc. for approximately $890 million on November 30, 2018. The total purchase consideration comprised of cash in the amount of $481.2 million and capital stock issued in the amount of $409.5 million.