11:12 AM EDT, 03/25/2024 (MT Newswires) -- Algoma Steel Group ( ASTL ) early Monday disclosed plans for a $350 million private placement of senior secured second-lien notes due 2029, subject to market and other conditions.

Net proceeds will fund general corporate purposes, the Canadian steelmaker said.

Algoma resumed normal production on Feb. 11 after a structure supporting utilities piping at its coke-making plant collapsed several weeks before. The company said on Monday it was expecting to ship around 445,000 to 460,000 tons of steel during its fiscal Q4 ending March 31, with the Jan. 20 incident likely reducing its Q4 output between 120,000 to 150,000 net tons.

Algoma shares were nearly 3% higher in recent trading.

Price: 8.10, Change: +0.21, Percent Change: +2.66