07:54 AM EDT, 09/19/2025 (MT Newswires) -- Algoma Steel Group ( ASTL ) said late Thursday afternoon that its asset-based revolving credit facility increased to US$375 million from $300 million.

The additional $75 million in new commitments is provided by Export Development Canada (EDC), which joins Algoma's existing lending syndicate as a direct lender under the facility.

Algoma said the upsized facility is part of its efforts to strengthen its financial position and provide flexibility amid the impact of tariffs.

"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," Algoma's chief financial officer Rajat Marwah said.

The facility will continue to be secured by a first-priority lien on accounts receivable, inventory, and related assets of Algoma and its subsidiaries, the company said.