Algoma Steel (US:ASTL) Globenewswireยท2025-09-18 21:30Core Viewpoint - Algoma Steel Group Inc. has amended its credit agreement to increase its asset-based revolving credit facility from US$300 million to US$375 million, enhancing its financial flexibility amid challenging market conditions [1][2][3] Financial Position - The additional US$75 million in commitments is provided by Export Development Canada (EDC), which joins the existing lending syndicate as a direct lender [2] - This transaction is part of a broader set of liquidity initiatives aimed at strengthening the company's financial position [2] Strategic Initiatives - The upsizing of the ABL Facility is expected to support Algoma's operations and strategic priorities, particularly its transformation to Electric Arc Furnace steelmaking [3] - The facility remains secured by a first-priority lien on accounts receivable, inventory, and related assets [3] Company Overview - Algoma is a fully integrated producer of hot and cold rolled steel products, serving various sectors including automotive, construction, energy, defense, and manufacturing [4] - The company is the only producer of discrete plate products in Canada and operates one of the lowest-cost producers of hot rolled sheet steel in North America [4] Environmental Commitment - Algoma is modernizing its plate mill and adopting electric arc technology to significantly lower carbon emissions, positioning itself as a leading producer of green steel in North America [5] - The company emphasizes its commitment to recycling and environmental stewardship as part of its transformation journey [5]