Paulson & Co Inc, a major shareholder of Algoma Steel Inc, which had requisitioned a special shareholder meeting to replace a majority of current Algoma directors, announced that it intends to nominate, if necessary, two additions Mr John Paulson and Mr Ronald Mayers to its slate to fill open positions on the board.

Based on how the upcoming shareholder vote is structured, it is possible that there will be seven rather than five open positions on the board. In addition to John Paulson and Ronald Mayers, Paulson's nominees include Canadian Senator Mr J Trevor Eyton former Chairman of Brascan, Mr Farokh Hakimi former CFO of Inco, Mr John Hritz former President of AK Steel, Mr Nicholas Tolerico former President of ThyssenKrupp Steel Services and Mr Michael Waldorf Senior VP of Paulson & Co Inc.

Paulson said “Our slate of independent nominees is a better alternative to the current directors who have done little for shareholders despite spending over a year exploring strategic alternatives. After their endless work on maximizing value, Algoma still trades at the lowest multiple of the major steel companies. It is obvious that the current directors lack the financial expertise and strategic vision necessary to unlock Algoma's value.”