**Algoma Steel Secures C$500 Million Government-Backed Loan Facilities** SAULT STE. MARIE, Ontario, Sept. 29, 2025 - Algoma Steel Group Inc. (NASDAQ/TSX: ASTL) has announced the execution of binding term sheets for C$500 million in new liquidity support, amid ongoing trade uncertainty and the imposition of a 50% tariff on Canadian steel exports to the U.S. The financing package includes a C$400 million loan facility from the Government of Canada under the Large Enterprise Tariff Loan program and C$100 million in additional facilities from the Province of Ontario. The new Facilities comprise a C$100 million third lien secured tranche, ranking junior to existing credit arrangements, and a C$400 million unsecured tranche, which is subject to the issuance of 6.77 million common share purchase warrants at C$11.08 per share. The loans carry a seven-year term, with interest set at CORRA plus 200 basis points for the first three years, increasing by 200 basis points each subsequent year. Algoma's access to the financing is subject to customary conditions, including definitive documentation and required approvals. The company says the support will provide essential financial flexibility as it navigates restricted U.S. market access and advances its business transformation.