Paulson & Co Inc, a major shareholder of Algoma Steel Inc, which had requisitioned for a special shareholder meeting to replace a majority of current Algoma directors, has now announced its nominees for the board.

The nomination includes Mr J Trevor Eyton, a Canadian Senator, Mr Farokh Hakimi a former CFO of Inco, Mr Nicholas Tolerico of ThyssenKrupp Steel Services, Mr Michael Waldorf VP of Paulson & Co, Mr James Wareham former President of AK Steel Corporation & former Chairman and CEO of Wheeling-Pittsburgh Steel Corporation

Paulson said that “We believe that these individuals are significantly more experienced and sophisticated than Algoma's current directors. Funds and accounts managed by Paulson & Co. Inc. own more than twenty-five times more Algoma shares than all of the current directors combined. Our proposed board, with its high qualifications and greater shareholder representation, will be able to create more shareholder value in the short term and the long term.”

Also today, Paulson announced that it was commencing legal action to move up the date of the special shareholder meeting.