Algoma Steel Inc. Announces CCAA Extension

    SAULT STE. MARIE, Ontario--Aug. 22, 2001--Algoma Steel Inc. announced that it has been granted an extension of its protection under the Companies' Creditors Arrangement Act (CCAA) and the time for the filing of a Plan of Arrangement to September 28, 2001.
    The current order was to expire on August 24, 2001. The extension was supported by all of Algoma's stakeholders.
    Hap Stephen, Algoma's Chief Restructuring Officer, said "We are making progress. This extension provides the time for Algoma and its stakeholders to resolve a number of issues and complete the development of the restructuring plan."