\documentclass{report}
\usepackage{algorithm}
\usepackage{algorithmic}
\renewcommand{\algorithmiccomment}[1]{$\triangleright$ #1}
\begin{document}
\begin{algorithmic}[1]
%\PROCEDURE { DECODE$ (y, I_{max})$}
\FOR {$i=1 : N$  }   \COMMENT{Initialization}
 \STATE $M_i=y_i$
\ENDFOR 
\STATE $l=0$\hspace{1cm}  \COMMENT{Iteration counter}
\REPEAT
\FOR {$j=1 : m$}\COMMENT{Step 1: Check messages}
\FOR{all $ i\in B_j$}
\IF {all messages into check j other than $M_i$ are known}
\STATE $E_{j,i}=\sum_{i^{'}\in B_j , i^{'}\neq i}{(M_i mod 2)}$
\ELSE
\STATE nnnn
\ENDIF
\ENDFOR 
\ENDFOR 
\FOR{$i=1 : N$}\hspace{1cm}      \COMMENT{Step 2: Bit messages}
 \IF{$M_i=e$}
\IF{there exists }
\STATE$M_i$
\ENDIF
\ENDIF
\ENDFOR
\IF{all}  \COMMENT{Stopping criteria}
 \STATE   Finished
\ELSE
\STATE$l=l+1$
\ENDIF
\UNTIL Finished
%\ENDPROCEDURE
\end{algorithmic}
\end{document}