Press release
Algoma Steel Announces Upsizing of Asset-Based Revolving Credit Facility
SAULT STE. MARIE, Ontario, Sept. 18, 2025 (GLOBE NEWSWIRE) -- Algoma Steel Group Inc. (“Algoma” or the “Company”) (NASDAQ: ASTL; TSX: ASTL), a leading
About this update from Algoma Steel Group Inc.
[{"type":"text","content":"SAULT STE. MARIE, Ontario, Sept. 18, 2025 (GLOBE NEWSWIRE) -- Algoma Steel Group Inc. (“Algoma” or the “Company”) (NASDAQ: ASTL; TSX: ASTL), a leading Canadian producer of hot and cold rolled steel sheet and plate products, today announced that it has amended its Amended and Restated Credit Agreement (as amended, the “Credit Agreement”) to increase the aggregate commitments under its asset-based revolving credit facility (“ABL Facility”) from US$300 million to US$375 million. The incremental US$75 million in new commitments is being provided by Export Development Canada (EDC), which joins the Company’s existing lending syndicate as a direct lender under the ABL Facility. This transaction is part of a broader set of liquidity initiatives Algoma is pursuing to strengthen its financial position and provide flexibility to navigate evolving market conditions. “Despite the challenging market conditions brought on by tariffs, this upsizing of our ABL Facility, and the addition of EDC to our banking group, provides Algoma with enhanced financial flexibility to support our operations and strategic priorities,” said Rajat Marwah, Chief Financial Officer of Algoma. “The continued support of our lenders, Wells Fargo and BMO Capital Markets, and the participation of EDC reflect confidence in Algoma’s transformation to Electric Arc Furnace steelmaking and our long-term competitiveness as a sustainable Canadian steel producer.” The ABL Facility will continue to be secured by a first-priority lien on accounts receivable, inventory, and related assets of Algoma and its subsidiaries, and remains subject to the terms of the Credit Agreement. About Algoma Steel Group Inc. Based in Sault Ste. Marie, Ontario, Canada, Algoma is a fully integrated producer of hot and cold rolled steel products including sheet and plate. Driven by a purpose to build better lives and a greener future, Algoma is positioned to deliver responsive, customer-driven product solutions to applications in the automotive, construction, energy, defense, and manufacturing sectors. Algoma is a key supplier of steel products to customers in North America and is the only producer of discrete plate products in Canada. Its state-of-the-art Direct Strip Production Complex (“DSPC”) is one of the lowest-cost producers of hot rolled sheet steel (HRC) in North America. Algoma is on a transfor...