November 17, 2025

Algoma Steel secures C$500 million in government financing facilities

Goodmans LLP acted for Algoma Steel Group Inc. in connection with its C$500 million financing transaction with the Governments of Canada and Ontario.

The financing includes C$400 million (including an C$80 million secured tranche) from the Canada Enterprise Emergency Funding Corporation and C$100 million (including a C$20 million secured tranche) from the Province of Ontario. This financing transaction will strengthen Algoma’s balance sheet, advance its EAF transformation, and support government and industry goals of a low-carbon Canadian steel supply chain.

Algoma is a leading Canadian producer of high-quality plate and sheet steel products, proudly supporting critical sectors including energy, defense, automotive, shipbuilding, and infrastructure.

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...its borrower-side work and involvement in complex restructuring-related matters is particularly impressing. — The Legal 500 Canada
Clients note, "The team is extremely commercially oriented and able to get to the crux of the issue right away." — Chambers Canada
Clients note, "The firm provides sound advice on various complex and time-sensitive transactions including explaining our options and the related pros and cons to each decision." — Chambers Canada
Clients note, the Goodmans team takes a "Pragmatic, commercial view towards getting the transaction closed in a smooth, efficient manner," adding "Partners remain deeply engaged through the transaction." — IFLR1000
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