09:55 AM EDT, 09/29/2025 (MT Newswires) -- Algoma Steel Group ( ASTL ) said Monday that it has signed binding term sheets to secure 500 million Canadian dollars ($359 million) in liquidity support from the Canadian government.

The support package comprises CA$400 million loan facilities under the government's large enterprise tariff loan facility and CA$100 million loan facilities from the province of Ontario, the company said.

Algoma said the facilities include "customary positive and negative covenants" and its access to the funding remains subject to several conditions, such as approvals and definitive loan documentation.

Shares of Algoma were up 8.3% in recent trading Monday.

Price: 4.28, Change: +0.33, Percent Change: +8.33