ALGOMA CENTRAL CORPORATION Announces Correction to Due Bill Date on Stock Dividend

ALC-T

ST. CATHARINES, ON, Nov. 1, 2012 /CNW/ - Algoma Central Corporation advises that its news release of October 31, 2012 incorrectly identified the "due-bill" basis trading period as December 5, 2012 to December 13, 2012 inclusive. Please be advised that, starting on December 5, 2012 and until December 14, 2012 inclusive, the common shares will trade on a "due bill" basis.  Ex-dividend trading in the common shares will commence on the TSX on December 17, 2012.

About Algoma Central Corporation

Algoma Central Corporation owns and operates the largest Canadian flag fleet of dry and liquid bulk carriers operating on the Great Lakes - St. Lawrence Waterway, including 19 self-unloading dry-bulk carriers, seven gearless dry bulk carriers and seven product tankers. Algoma also has interests in ocean dry-bulk and product tanker vessels operating in international markets. Algoma owns a diversified ship repair and steel fabricating facility active in the Great Lakes and St. Lawrence regions of Canada. In addition, Algoma owns and manages commercial real estate properties in Sault Ste. Marie, St. Catharines and Waterloo, Ontario.

A recently published economic impact study, commissioned by Marine Delivers, demonstrates the significant role that the Great Lakes / Seaway system plays in supporting the Canadian and U.S. economies.  Some 227,000 jobs and $35 billion in economic activity are supported by the movement of goods within the Great Lakes / Seaway waterway. For more information, including access to the full text of the economic impact study, please consult the www.marinedelivers.com website.

SOURCE: Algoma Central Corporation

Greg D. Wight, FCA
President and Chief Executive Officer
905-687-7850

Peter D. Winkley, CA
Vice President, Finance and Chief Financial Officer
905-687-7897