Algoma Steel Group Inc. has two institutional reporting persons, MMCAP International Inc. SPC and MM Asset Management Inc., jointly reporting beneficial ownership of Algoma’s Common Shares. As of June 30, 2026, they beneficially owned 10,954,738 Common Shares, representing 10.4% of the outstanding class, based on 105,661,468 Common Shares outstanding.
Each reporting person reports shared voting and dispositive power over 10,954,738 shares and no sole voting or dispositive power. The Fund directly holds the shares, while the Adviser, as investment manager, may be deemed to beneficially own the same shares. Each reporting person disclaims beneficial ownership of any shares other than those directly owned.
Positive
None.
Negative
None.
Key Figures
Shares beneficially owned:10,954,738 Common SharesPercent of class:10.4%Shares outstanding:105,661,468 Common Shares+2 more
5 metrics
Shares beneficially owned10,954,738 Common SharesCommon Shares beneficially owned by each reporting person as of June 30, 2026
Percent of class10.4%Percentage of Algoma Steel Common Shares beneficially owned as of June 30, 2026
Shares outstanding105,661,468 Common SharesAlgoma Steel Common Shares outstanding as of June 30, 2026, per Form 6-K
Shared voting power10,954,738 Common SharesShares over which each reporting person has shared power to vote or direct the vote
Shared dispositive power10,954,738 Common SharesShares over which each reporting person has shared dispositive power
"The Fund directly beneficially owns the Common Shares reported in this Statement."
Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.
shared voting powerfinancial
"Shared Voting Power 10,954,738.00"
Shared voting power occurs when two or more parties jointly have the right to vote or decide how a block of company shares is cast, like co-owners who must agree before moving a piece of furniture. Investors care because who controls voting rights affects board elections, major corporate decisions and takeover outcomes, and shared control can alter regulatory disclosures and the practical influence any holder has over a company’s direction and value.
shared dispositive powerfinancial
"Shared Dispositive Power 10,954,738.00"
segregated portfolio companyfinancial
"Comment for : segregated portfolio company"
FAQ
What stake in Algoma Steel Group Inc. (ASTL) do MMCAP International Inc. SPC and MM Asset Management Inc. report?
MMCAP International Inc. SPC and MM Asset Management Inc. report beneficial ownership of 10,954,738 Common Shares of Algoma Steel Group Inc., representing 10.4% of the Common Shares outstanding as of June 30, 2026.
How many Algoma Steel (ASTL) shares are outstanding for the 10.4% calculation?
The reported 10.4% beneficial ownership is based on 105,661,468 Common Shares of Algoma Steel Group Inc. outstanding as of June 30, 2026, as reported in the issuer’s Form 6-K filed on July 30, 2026.
Do the reporting persons have sole or shared voting power over Algoma Steel (ASTL) shares?
Both reporting persons disclose 0 shares with sole voting power and 10,954,738 shares with shared voting power, indicating all reported Algoma Steel Common Shares are controlled on a shared basis for voting and disposition.
Who directly owns the Algoma Steel (ASTL) shares reported in this Schedule 13G/A?
The filing states that MMCAP International Inc. SPC (the Fund) directly beneficially owns the reported Algoma Steel Common Shares. MM Asset Management Inc., as investment manager, may be deemed to beneficially own the same shares.
Do MMCAP International and MM Asset Management fully admit beneficial ownership of all Algoma Steel (ASTL) shares reported?
Each reporting person disclaims beneficial ownership of any Algoma Steel Common Shares other than those directly beneficially owned by such reporting person, despite the Adviser potentially being deemed beneficial owner as investment manager.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 8)
Algoma Steel Group Inc.
(Name of Issuer)
Common Shares, no par value
(Title of Class of Securities)
015658107
(CUSIP Number)
06/30/2026
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
Rule 13d-1(b)
Rule 13d-1(c)
Rule 13d-1(d)
schemaVersion:
SCHEDULE 13G
CUSIP Number(s):
015658107
1
Names of Reporting Persons
MMCAP International Inc. SPC
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
CAYMAN ISLANDS
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
10,954,738.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
10,954,738.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
10,954,738.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
10.4 %
12
Type of Reporting Person (See Instructions)
OO
Comment for Type of Reporting Person: segregated portfolio company
SCHEDULE 13G
CUSIP Number(s):
015658107
1
Names of Reporting Persons
MM Asset Management Inc.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
ONTARIO, CANADA
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
10,954,738.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
10,954,738.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
10,954,738.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
10.4 %
12
Type of Reporting Person (See Instructions)
CO
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
Algoma Steel Group Inc.
(b)
Address of issuer's principal executive offices:
105 West Street, Sault Ste. Marie, Ontario, Canada, P6A 7B4
Item 2.
(a)
Name of person filing:
This Schedule 13G is filed by the following (the "Reporting Persons"): (1) MMCAP International Inc. SPC (the "Fund"); and (2) MM Asset Management Inc. (the "Adviser"). The Fund is a private investment vehicle. The Fund directly beneficially owns the Common Shares reported in this Statement. The Adviser is the investment manager of the Fund. The Adviser may be deemed to beneficially own the Common Shares directly beneficially owned by the Fund. Each Reporting Person disclaims beneficial ownership with respect to any Common Shares other than the Common Shares directly beneficially owned by such Reporting Person.
(b)
Address or principal business office or, if none, residence:
The principal business office of the Fund is c/o Mourant Governance Services (Cayman) Limited, 94 Solaris Avenue, Camana Bay, P.O. Box 1348, Grand Cayman, KY1-1108, Cayman Islands. The principal business office of the Adviser is 161 Bay Street, TD Canada Trust Tower Suite 2240, Toronto, ON M5J 2S1 Canada.
(c)
Citizenship:
For citizenship or place of organization see Item 4 of the cover page of each Reporting Person.
(d)
Title of class of securities:
Common Shares, no par value
(e)
CUSIP No.:
015658107
Item 3.
If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)
Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)
Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)
Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)
Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)
An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)
An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)
A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)
A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)
A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)
A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:
(k)
Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.
Ownership
(a)
Amount beneficially owned:
See Item 9 on the cover page for each Reporting Person, and Item 2, which information is given as of the close of business on the Event Date of June 30, 2026.
(b)
Percent of class:
See Item 11 on the cover page for each Reporting Person. The percentages of beneficial ownership contained herein are based on 105,661,468 Common Shares outstanding as of June 30, 2026, as reported in the Issuer's Form 6-K filed with the SEC on July 30, 2026.
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
See Item 5 on the cover page for each Reporting Person.
(ii) Shared power to vote or to direct the vote:
See Item 6 on the cover page for each Reporting Person.
(iii) Sole power to dispose or to direct the disposition of:
See Item 7 on the cover page for each Reporting Person.
(iv) Shared power to dispose or to direct the disposition of:
See Item 8 on the cover page for each Reporting Person.
Item 5.
Ownership of 5 Percent or Less of a Class.
Not Applicable
Item 6.
Ownership of more than 5 Percent on Behalf of Another Person.
Not Applicable
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
Not Applicable
Item 8.
Identification and Classification of Members of the Group.
Not Applicable
Item 9.
Notice of Dissolution of Group.
Not Applicable
Item 10.
Certifications:
By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.
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.
