Algoma Steel Group Inc., a major Canadian steel producer, has completed a $500 million financing deal with the Canadian and Ontario governments, as previously announced in September 2025.

The financing consists of $400 million, including an $80 million secured portion, from the Canada Enterprise Emergency Funding Corporation (CEEFC) and $100 million, including a $20 million secured portion, from Ontario. 

As part of the agreement, Algoma issued 6.77 million common share purchase warrants distributed proportionally between CEEFC and Ontario. Each warrant allows the holder to purchase one Algoma common share at $11.08 and remains valid for 10 years. The warrants vest proportionally as unsecured funds are drawn from the CEEFC and Ontario facilities.