Algoma Steel has received a combined $500 million in federal and provincial government liquidity support to help the steelmaker pivot and transform its markets away from the United States.

Of that, $400 million will be provided by the federal government in the form of a loan and a further $100 million from the provincial government.

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It’s believed to be the first announcement the federal government has made under its Large Enterprise Tariff Loan program, said Patty Hajdu, minister of jobs and families and minister responsible for the Federal Economic Development Agency for Northern Ontario (FEDNOR).

The $100 million from the province is a secured loan, pegged against Algoma’s assets.

The $400 million from the federal government is unsecured and not backed by the comp

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