Algoma Steel Group Inc. reports a Schedule 13G/A showing Maple Rock Capital Partners Inc. and Xavier Majic each beneficially own 15,930,818 common shares, equal to 15.1% of the class as of March 31, 2026. The filing states the 105,388,619 share figure used to calculate the percentage is the number of Common Shares outstanding as of March 31, 2026, reported in an exhibit to a Form 6-K.
The Reporting Persons state Maple Rock Master Fund LP has the right to receive dividends or sale proceeds and that the Manager is Maple Rock Capital Partners Inc., with Xavier Majic serving as Chief Investment Officer. The parties file jointly but expressly disclaim membership in a group.
Positive
None.
Negative
None.
Insights
13G/A discloses a >5% passive stake and clarifies voting/dispositive powers.
The filing lists 15,930,818 shares and a 15.1% ownership percentage calculated from 105,388,619 shares outstanding as of March 31, 2026. It also identifies the investment manager and the fund entitled to proceeds.
Because the notice says the holders file jointly but do not form a group, governance implications are limited; subsequent filings would show any active changes.
Disclosure clarifies who controls voting and economic rights for regulatory transparency.
The cover data show sole voting and dispositive power over the same 15,930,818 shares by the Reporting Persons. The statement that Maple Rock Master Fund LP holds economic rights is explicitly disclosed.
This filing is administrative and intended to update ownership records; any market or strategic impact depends on future transactions disclosed in later filings.
Key Figures
Shares beneficially owned:15,930,818 sharesPercent of class:15.1%Shares outstanding:105,388,619 shares+1 more
4 metrics
Shares beneficially owned15,930,818 sharesAmount held by each Reporting Person as of March 31, 2026
Percent of class15.1%Calculated using 105,388,619 shares outstanding as of March 31, 2026
Shares outstanding105,388,619 sharesCommon Shares outstanding as of March 31, 2026 (Exhibit 99.3 to Form 6-K)
Sole voting power15,930,818Sole voting power reported for the shares
Key Terms
Schedule 13G/A, beneficially owned, sole dispositive power, SEC-registered investment advisor, +1 more
5 terms
Schedule 13G/Aregulatory
"Amendment No. 2 to Schedule 13G/A reporting beneficial ownership"
A Schedule 13G/A is an amended public filing with the U.S. securities regulator that updates a previous Schedule 13G, disclosing when an individual or group holds a substantial (typically over 5%) stake in a company and is claiming a passive, non‑controlling intent. Investors monitor these updates because rising or falling holdings can signal changing confidence, potential future moves, or shifts in voting power — like watching a public ledger where large shareholders quietly adjust their positions.
beneficially ownedregulatory
"Amount beneficially owned: Information with respect to the Reporting Persons' ownership"
Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.
sole dispositive powerregulatory
"Sole power to dispose or to direct the disposition of: 15,930,818"
Sole dispositive power is the exclusive legal authority to decide what happens to a security — for example, whether to sell, transfer, or retain shares — without needing anyone else’s permission. Investors care because it signals who truly controls the economic outcome of an investment: like holding the only key to a safe, the holder can realize gains or losses and may trigger regulatory reporting, insider rules, or influence over corporate ownership.
SEC-registered investment advisorregulatory
"Maple Rock Capital Partners Inc. (the "Manager") is an SEC-registered investment advisor"
A SEC-registered investment advisor is a firm or individual that provides advice about investing and is officially registered with the U.S. Securities and Exchange Commission. They are legally required to put clients’ financial interests ahead of their own, disclose fees and conflicts, and follow record-keeping rules — think of them as a licensed financial coach whose job is to give honest, documented guidance that investors can rely on when making decisions.
Joint Filing Agreementregulatory
"Exhibit 1: Joint Filing Agreement, dated May 15, 2026"
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 2)
Algoma Steel Group Inc.
(Name of Issuer)
Common Shares, no par value
(Title of Class of Securities)
015658107
(CUSIP Number)
03/31/2026
(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
Maple Rock Capital Partners 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
CANADA (FEDERAL LEVEL)
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
15,930,818.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
15,930,818.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
15,930,818.00
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)
15.1 %
12
Type of Reporting Person (See Instructions)
IA
SCHEDULE 13G
CUSIP Number(s):
015658107
1
Names of Reporting Persons
Xavier Majic
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
CANADA (FEDERAL LEVEL)
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
15,930,818.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
15,930,818.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
15,930,818.00
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)
15.1 %
12
Type of Reporting Person (See Instructions)
IN, HC
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 being filed by Maple Rock Capital Partners Inc. and Xavier Majic (together, the "Reporting Persons").
(b)
Address or principal business office or, if none, residence:
21 St. Clair Avenue East, Suite 1100, Toronto, Ontario, M4T 1L9, Canada
(c)
Citizenship:
Maple Rock Capital Partners Inc. is a corporation incorporated under the laws of Canada. Xavier Majic is a citizen of Canada.
(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:
Information with respect to the Reporting Persons' ownership of Common Shares as of March 31, 2026, is incorporated by reference to items (5) - (9) of the cover page of the respective Reporting Person.
(b)
Percent of class:
Information with respect to the Reporting Persons' percentage ownership of the Common Shares as of March 31, 2026, is incorporated by reference to item (11) of the cover page of the respective Reporting Person.
The percentage of Common Shares beneficially owned by each Reporting Person is determined based on 105,388,619 Common Shares outstanding as of March 31, 2026, as reported in Exhibit 99.3 to the Issuer's current report on Form 6-K filed with the U.S. Securities and Exchange Commission on May 13, 2026.
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
15,930,818
(ii) Shared power to vote or to direct the vote:
0
(iii) Sole power to dispose or to direct the disposition of:
15,930,818
(iv) Shared power to dispose or to direct the disposition of:
0
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.
If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required.
Maple Rock Capital Partners Inc. (the "Manager") is an SEC-registered investment advisor whose client, Maple Rock Master Fund LP, has the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the securities covered by this statement. Mr. Majic is the Chief Investment Officer of the Manager.
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.
If a group has filed this schedule pursuant to §240.13d-1(b)(1)(ii)(J), so indicate under Item 3(j) and attach an exhibit stating the identity and Item 3 classification of each member of the group. If a group has filed this schedule pursuant to §240.13d-1(c) or §240.13d-1(d), attach an exhibit stating the identity of each member of the group.
The Reporting Persons are filing this Schedule 13G jointly, but not as members of a group, and each of them expressly disclaims membership in a group. Further, each of the Reporting Persons disclaims beneficial ownership of the Common Shares except to the extent of their respective pecuniary interest therein.
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 acquired and are held in the ordinary course of business and 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.
Maple Rock Capital Partners Inc.
Signature:
/s/ Stephen D. Lane
Name/Title:
Stephen D. Lane, Chief Financial Officer
Date:
05/15/2026
Xavier Majic
Signature:
/s/ Xavier Majic
Name/Title:
Xavier Majic
Date:
05/15/2026
Exhibit Information
Exhibit 1: Joint Filing Agreement, dated May 15, 2026
What stake does Maple Rock Capital report in Algoma Steel (ASTL)?
Maple Rock Capital Partners Inc. and Xavier Majic each report beneficial ownership of 15,930,818 shares, representing 15.1% of common shares based on 105,388,619 outstanding as of March 31, 2026.
How was the 15.1% ownership percentage calculated for ASTL?
The percentage uses 105,388,619 Common Shares outstanding as of March 31, 2026, cited in an exhibit to the issuer’s Form 6-K referenced in the filing, producing the disclosed 15.1% figure.
Who holds voting and dispositive power over the reported ASTL shares?
The filing states the Reporting Persons have sole voting power and sole dispositive power for 15,930,818 shares, with no shared voting or dispositive power disclosed for those shares.
Does Maple Rock act on behalf of another entity for these ASTL shares?
Yes. The filing discloses Maple Rock Master Fund LP has the right to receive dividends or sale proceeds, and Maple Rock Capital Partners Inc. is identified as the Manager; Xavier Majic is CIO.
Did the filers declare they are a group for ASTL reporting purposes?
No. The Reporting Persons state they are filing jointly but expressly disclaim membership in a group and disclaim beneficial ownership except to the extent of their pecuniary interest.
