New York, May 30, 2014 -- Moody's Investors Service placed under review for downgrade all ratings of Essar Steel Algoma (ESA) including the Caa1 corporate family rating, the Caa1-PD probability of default rating, B1 Senior Secured ABL/term loan rating, B3 senior secured rating, and Caa2 senior unsecured rating. The speculative grade liquidity rating is unchanged at SGL-4.

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