Algoma Steel Inc. News Release

    SAULT STE. MARIE, Ontario--Oct. 25, 2001--Algoma Steel Inc. announced that it has been granted an extension of its protection under the Companies' Creditors Arrangement Act to December 10, 2001.
    That date was chosen to allow time for meetings of creditors to approve Algoma's restructuring plan. Algoma expects to mail materials for the meetings in early November.

    Algoma Steel Inc., based in Sault Ste. Marie, Ontario, is Canada's third largest integrated steel producer. Revenues are derived primarily from the manufacture and sale of rolled steel products including hot and cold rolled sheet and plate.