Algoma Steel Receives Upgrade On Credit Rating

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Algoma Steel Group Inc. today announced that S&P Global Ratings (“S&P”) has upgraded Algoma’s issuer credit rating to ‘B-’ from ‘CCC+’, with a stable outlook.

S&P’s upgrade and outlook reflect Algoma’s strengthened liquidity position and access to capital markets following the recent completion of its merger with Legato Merger Corp., along with S&P’s expectation for Algoma to deliver improved operating results and higher cash flow generation.

Rajat Marwah, Chief Financial Officer of Algoma, commented, “We are thrilled to receive this S&P upgrade to our credit rating on the heels of Algoma’s recent return to the public equity markets. The S&P’s improved rating is a solid endorsement of our strategy of thoughtfully managing our balance sheet while investing in our people, operations and sustainability initiatives to build value in Algoma for all stakeholders.”