Algoma Steel seeks CAD$500M in operational support

Algoma Steel has applied to Canada’s federal Large Enterprise Tariff Loan (LETL) program for Canadian $500 million (USD$364.6 million) to support its long-term operations.

The Sault Ste. Marie, Ontario-headquartered steel producer said on Friday its near-term liquidity is sufficient. The prolonged trade negotiations between the US and Canada prompted Algoma to take proactive measures for funding.

Algoma
EAF

Kristen DiLandro

Kristen DiLandro is a reporter for Steel Market Update. Kristen focuses on the micro and macro steel market conditions informing North American spot prices. Following her agency career in advertising, she attained an MFA in Writing from Savannah College of Art and Design. Kristen can be reached at kristen@steelmarketupdate.com or 724-221-8143.

Kristen DiLandro

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