Algoma Steel increases ABL facility to $375M (U.S.)

Mr. Michael Moraca reports ALGOMA STEEL ANNOUNCES UPSIZING OF ASSET-BASED REVOLVING CREDIT FACILITY Algoma Steel Group Inc. has amended its amended and restated credit agreement to increase the aggregate commitments under its asset-based revolving credit facility from $300-million (U.S.) to $375-million (U.S.). The incremental $75-million (U.S.) in new commitments is being provided by Export Development Canada (EDC), which joins the company's existing lending syndicate as a direct lender under the ABL (asset-backed loan) facility. This transaction is part of a broader set of liquidity initiatives Algoma is pursuing to strengthen its financial position and provide flexibility to navigate evolving market conditions. "Despite the challenging market conditions brought on by tariffs, this upsizing of our ABL facility, and the addition of EDC to our banking group, provides Algoma with enhanced financial flexibility to support our operations and strategic priorities," said Rajat Marwah, chief financial officer of Algoma. "The continued support of our lenders, Wells Fargo and BMO Capital Markets, and the participation of EDC reflect confidence in Algoma's transformation to electric arc furnace steelmaking and our long-term competitiveness as a sustainable Canadian steel producer." The ABL facility will continue to be secured by a first-priority lien on accounts receivable, inventory and related assets of Algoma and its subsidiaries, and remains subject to the terms of the credit agreement. About Algoma Steel Group Inc. Based in Sault Ste. Marie, Ont., Canada, Algoma is a fully integrated producer of hot and cold rolled steel products, including sheet and plate. Driven by a purpose to build better lives and a greener future, Algoma is positioned to deliver responsive, customer-driven product solutions to applications in the automotive, construction, energy, defence and manufacturing sectors. Algoma is a key supplier of steel products to customers in North America and is the only producer of discrete plate products in Canada. Its state-of-the-art direct strip production complex (DSPC) is one of the lowest-cost producers of hot rolled sheet steel (HRC) in North America. Algoma is on a transformation journey, modernizing its plate mill and adopting electric arc technology that builds on the strong principles of recycling and environmental stewardship to significantly lower carbon emissions. Today, Algoma is investing in its people and processes, working safely, as a team to become one of North America's leading producers of green steel. As a founding industry in their community, Algoma is drawing on the best of its rich steelmaking tradition to deliver greater value, offering North America the comfort of a secure steel supply and a sustainable future. We seek Safe Harbor.