[SCHEDULE 13D/A] Algoma Steel Group Inc. SEC Filing

Rhea-AI Filing Summary

Amendment No. 1 to a Schedule 13D updates prior disclosures by Zekelman Industries, Inc. and Atlas Tube Canada ULC about their holdings in Algoma Steel Group Inc. The filing reports that each reporting person beneficially owns 3,229,998 common shares, representing 3.08% of Algoma's common shares based on 104,933,802 shares outstanding as of July 17, 2025. The amendment states it is the final amendment and constitutes an exit filing; as of the September 10, 2025 transaction date, the reporting persons ceased to be beneficial owners of more than 5% of the class. Voting and dispositive power are shown as shared for the 3,229,998 shares. The statement incorporates prior Schedule 13D information except as modified by this Amendment.

Insights

Corporate Governance Expert

TL;DR: Reporting persons reduced public disclosure threshold to below 5%, signaling a formal exit from significant ownership status.

The amendment functions as a formal cleanup of Schedule 13D disclosures: it confirms aggregate holdings of 3,229,998 shares (3.08%) and states the filing is the final amendment and an "exit filing." From a governance perspective, falling below the 5% beneficial ownership threshold reduces mandatory disclosure obligations and potential influence on shareholder matters. The filing shows shared voting and dispositive power for the reported shares, implying coordinated control among the reporting entities. There is no new operational or financial information about the issuer in this amendment; its materiality is limited to changes in disclosure and ownership percentages.

Securities/Regulatory Analyst

TL;DR: The amendment documents transactions that lowered holdings below 5%, completing the transition from a reportable position under Schedule 13D.

The Schedule 13D/A references transactions (summarized in Schedule B) that resulted in the reporting persons ceasing to be >5% beneficial owners as of September 10, 2025. It restates that the percentage basis is the issuer's reported 104,933,802 outstanding common shares (July 17, 2025). For investors and regulators, the key takeaway is a change in disclosure status rather than a new strategic development concerning Algoma's operations or financials. The amendment appears procedural and focused on compliance with Section 13(d) reporting requirements.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 1)

Algoma Steel Group Inc.

(Name of Issuer)

Common Shares, without par value

(Title of Class of Securities)

015658107

(CUSIP Number)

Michael P. McNamara
Zekelman Industries, Inc., 227 West Monroe Street, Suite 2600
Chicago, IL, 60606
(312) 275-1600

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

09/10/2025

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

SCHEDULE 13D

CUSIP No. 015658107

1

Name of reporting person

Zekelman Industries, Inc.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 3,229,998.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 3,229,998.00

11

Aggregate amount beneficially owned by each reporting person

3,229,998.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

3.08 %

14

Type of Reporting Person (See Instructions)

CO

Comment for Type of Reporting Person:

The percentage reported in Row 13 is based on 104,933,802 Common Shares outstanding as of July 17, 2025, as reported in the Issuer's registration statement on Form F-10 filed with the Commission on July 18, 2025.

SCHEDULE 13D

CUSIP No. 015658107

1

Name of reporting person

Atlas Tube Canada ULC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

ALBERTA, CANADA

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 3,229,998.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 3,229,998.00

11

Aggregate amount beneficially owned by each reporting person

3,229,998.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

3.08 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

The percentage reported in Row 13 is based on 104,933,802 Common Shares outstanding as of July 17, 2025, as reported in the Issuer's registration statement on Form F-10 filed with the Commission on July 18, 2025.

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Common Shares, without par value
(b)	Name of Issuer: Algoma Steel Group Inc.
(c)	Address of Issuer's Principal Executive Offices: 105 WEST STREET, SAULT STE., MARIE, Ontario, CANADA (FEDERAL LEVEL) , P6A 7B4.
Item 1 Comment: This Amendment No. 1 ("Amendment") amends and supplements the Schedule 13D initially filed by the Reporting Persons on July 31, 2024 (the "Original Schedule 13D", and as amended by this Amendment, the "Schedule 13D"). Except as specifically modified hereby, the Original Schedule 13D remains unchanged. Capitalized terms but not otherwise defined herein shall have the meanings ascribed to them in the Original Schedule 13D. As a result of the transactions described herein, this Amendment represents the final amendment to the Schedule 13D and constitutes an "exit filing" for each of the Reporting Persons.
Item 5.	Interest in Securities of the Issuer
(a)	Item 5(a) is hereby amended and supplemented as follows: The information required by this Item 5(a) is set forth in Rows (11) and (13) of the cover page (including the accompanying comments thereto) for each Reporting Person hereto and is incorporated herein by reference for each such Reporting Person.
(b)	Item 5(b) is hereby amended and supplemented as follows: The information required by this Item 5(a) is set forth in Rows (7) through (10) of the cover page (including the accompanying comments thereto) for each Reporting Person hereto and is incorporated herein by reference for each such Reporting Person.
(c)	Item 5(c) is hereby amended and supplemented as follows: The transactions in securities of the Issuer by the Reporting Persons during the past sixty days are set forth in Schedule B and are incorporated herein by reference. Each such transaction was effected directly by Atlas Tube.
(e)	As a result of the transactions described herein, on September 10, 2025, each of the Reporting Persons ceased to be beneficial owners of more than five percent (5%) of the Issuer's Common Shares.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Zekelman Industries, Inc.

Signature:	/s/ Michael P. McNamara
Name/Title:	Michael P. McNamara, President
Date:	09/23/2025

Atlas Tube Canada ULC

Signature:	/s/ Michael P. McNamara
Name/Title:	Michael P. McNamara, Vice President
Date:	09/23/2025

FAQ

What stake do Zekelman Industries and Atlas Tube hold in Algoma Steel (ASTLW)?

Each reporting person beneficially owns 3,229,998 common shares, equal to 3.08% of common shares outstanding based on 104,933,802 shares as of July 17, 2025.

Does this Schedule 13D/A mean Zekelman Industries sold shares of ASTLW?

The amendment states transactions (detailed in Schedule B) occurred and that, as of September 10, 2025, the reporting persons ceased to be beneficial owners of more than 5%; it does not provide transaction-by-transaction prices in this amendment text.

What does it mean that this filing is an 'exit filing' for ASTLW?

The filing describes itself as the final amendment and an exit filing, meaning the reporting persons no longer meet the >5% beneficial ownership threshold that triggers continued Schedule 13D reporting.

What voting and dispositive powers are reported for these shares in ASTLW?

The cover pages report 0 sole voting/dispositive power and 3,229,998 shared voting and shared dispositive power for each reporting person.

On what share count is the 3.08% figure based?

The percentage is based on 104,933,802 common shares outstanding as reported in the issuer's Form F-10 registration statement filed July 18, 2025.