Paulson & Co. Inc., which had previously requisitioned a special shareholder meeting to replace a majority of Algoma directors, has now announced a substitution on its slate of nominees for the board — John Hritz, the direct successor to James Wareham as president of AK Steel Corp., who will replace Mr. Wareham.

With over fourteen years at AK Steel, Mr. Hritz has served as President, Executive Vice President (Operations and Commercial), General Counsel and Vice President (Employee Relations). Prior to AK Steel, he spent nine years at Commercial Intertech Corp. as a corporate attorney and project engineer. He also worked for seven years at U.S. Steel, where served as a design engineer, test engineer, general foreman and a journeyman electrician-wireman. He holds a law degree from the University of Akron and an electrical engineering degree from Youngstown State University.

Paulson & Co. states that it believes that Mr. Hritz's strong operating experience and industry knowledge would make him an excellent director of Algoma Steel. The company anticipates that the nominees will work to create value for all Algoma shareholders in the short term and the long term.

Paulson also comments that it looks forward to a special meeting of Algoma shareholders and a vote on the proposed resolutions at the earliest opportunity.

Paulson & Co. Inc. is a major shareholder of Algoma Steel Inc.