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Algoma Steel receives funding from CEEFC and Ontario-Plate Metal Exhibition-THE 26th CHINA(GUANGZHOU) INTERNATIONAL PLATE METAL, BAR,WIRE,METAL PROCESSING & SETTING EQUIPMENT EXHIBITION
11/20/2025 金属板材展-线材展-金属加工展-plate metal expo-wire expo |
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Algoma Steel Group lnc, a leading Canadian producer, has received CAD 500 milion from the Governments ofCanada and Ontario, specifically CAD 400 milion from the Canada Enterprise Emergency Funding CorporationCEEFC) and CAD 100 million the Province of Ontario.These funds strengthen Algoma''s balance sheet allowing enhanced financial flexibility as the companyimproves its EAF transformation and begins to find opportunities to strengthen and diversify its businessAccording to Algoma''s statement, the company "has issued CAD 6.77 milion common share purchase warrantsto CEEFC and Ontario, with each warrant being exercisable for one common share of Algoma at an exerciseprice of $11.08 for a 10-year term, vesting proportionately as unsecured draws are made under each of theCEEFC and Ontario facilities”.
"Completing this financing reinforces our strong partnership with both levels of government and supports ourability to navigate current market conditions as we complete our EAF transition," said Michael Garcia, CEO ofAlgoma Steel. "This support provides Algoma with long-term financial flexibility. We are grateful for thegovernment''s confidence in Algoma''s future as a low-carbon steel producer."
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