Citing US tariffs, Algoma ups credit facility to $375M

Algoma Steel is increasing its credit facility from USD$300 million to USD$375 million due to “market conditions.”

The Sault Ste. Marie, Ontario-based steelmaker said Export Development Canada (EDC) is supplying the additional $75 million. It joins Algoma’s existing lending syndicate as a direct lender under its asset-based revolving credit facility (ABL).

Ethan Bernard

Ethan Bernard is managing editor for Steel Market Update. He previously worked for American Metal Market as a copy editor in the New York office for two years, starting in 2008. Later, he copy edited AMM’s monthly magazine on a freelance basis from 2015 until 2017. With experience in financial copywriting and textbook publishing, he holds a BA in Comparative Literature from UC Berkeley, and an MFA in Creative Writing from New York University. He can be reached at ethan@steelmarketupdate.com or 724-759-7871.