Algoma Steel borrows C$200 million revolver for green steel transformation

Chicago, Nov. 29 – Algoma Steel Inc., a subsidiary of Algoma Steel Group Inc., signed a C$200 million revolving credit facility with Canada Infrastructure Bank to finance a transformational upgrade to the steelmaking processes at its facility in Sault Ste. Marie, Ont., according to a 6-K filed with the Securities and Exchange Commission.

CIB is listed as the administrative agent and lender.

Interest on the loan is 1.93% until the step-up date on Nov. 27, 2031. The rate steps up 150 basis points on that date.

The borrower is a Sault Ste. Marie, Ont.-based steel producer.

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