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.