S&P changes Algoma Steel view to negative

S&P said it revised the outlook on Algoma Steel Inc. to negative from stable and affirmed its B- issuer credit rating on the company and its B- issue-level rating on Algoma’s term loan facility.

“The outlook revision follows sharply lower steel prices that are expected to persist and result in higher-than-expected free cash flow deficits that weaken Algoma’s prospective liquidity,” said S&P in a press release.

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