Essar Steel Limited Appoints Banc of America Securities

LLC MUMBAI, India, A (PROTEXT) - Essar Steel Limited hasappointed Banc of America Securities LLC (BAS), Charlotte NC, USAas its financial advisor. Under this engagement, BAS's task willbe to assist the Company in a comprehensive review torestructure/reduce its indebtedness and financing costs. TheCompany did not make the scheduled principal maturity payment dueJuly 20, 1999, on its US$ 250 million Floating Rate Notes. TheCompany has notified the Trustee of the notes that it hasretained an outside advisor. The Company plans to work with itsfinancial advisor and deliver a comprehensive repayment plan tothe noteholders. Information and questions regarding theCompany's current actions and repayment plan may be directed tothe Company at +91-22-495-4458 or its financial advisor at either704-388-4807 or toll free at 888-292-0070. BAS has extensive international financing experience and is anindustry leader. BAS, a subsidiary of Bank of AmericaCorporation, is a full-service investment bank and brokeragefirm. With principal offices in San Francisco, New York City andCharlotte, BAS employs more than 4,000 associates in officesaround the country, and with affiliates, offers capabilitiesworldwide. Bank of America, with $614 billion in total assets, isthe largest bank in the United States, with full-service consumerand commercial operations, as well as international corporatefinancial services for transactions in 190 countries. Bank ofAmerica stock (NYSE: BAC) is listed on the New York, Pacific andLondon stock exchanges and certain shares are listed on the TokyoStock Exchange. Essar Steel Ltd. is a 2.0 million tonne per annum capacity,state of the art steel manufacturing company having itsoperations at Hazira, Gujarat in India. Essar Group representsone of India's leading business conglomerates, with an asset baseof over U.S.$ 4.0 billion (Rs. 16000 crores). The Group iscommitted to the development of core sector and infrastructurebusinesses. Essar Group is actively involved in five principalareas of business viz., Steel, Shipping, Oil and Gas, Power andTelecommunications. ots Original Text Service: Essar Steel Ltd.Internet: http://www.newsaktuell.de Contact: Essar Steel Ltd.,+91-22-495-4458

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