[SCHEDULE 13G/A] Algoma Steel Group Inc. Amended Passive Investment Disclosure

Rhea-AI Filing Summary

Algoma Steel Group Inc. (ASTL) received an amended Schedule 13G/A showing that MMCAP International Inc. SPC and Asset Management Inc. together report beneficial ownership of 11,487,861 common shares, or 10.9% of the company. The shares are held through a private investment fund managed by Asset Management Inc., with both entities sharing voting and dispositive power over the position and no sole voting or dispositive authority. The ownership percentage is calculated using 104,933,802 common shares outstanding as of September 30, 2025. The reporting parties certify that the shares were not acquired and are not held for the purpose of changing or influencing control of Algoma Steel Group Inc.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 6)

Algoma Steel Group Inc.

(Name of Issuer)

Common Shares, no par value

(Title of Class of Securities)

015658107

(CUSIP Number)

12/31/2025

(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)

SCHEDULE 13G

CUSIP No. 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 11,487,861.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 11,487,861.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

11,487,861.00

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)

10.9 %

12

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person: segregated portfolio company

SCHEDULE 13G

CUSIP No. 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 11,487,861.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 11,487,861.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

11,487,861.00

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)

10.9 %

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, A6 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 December 31, 2025.
(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 104,933,802 Common Shares outstanding as of September 30, 2025, as reported in the Issuer's Management's Discussion and Analysis for Q3 2025, as found on the Issuer's website.
(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.

MMCAP International Inc. SPC

Signature:	/s/ Ulla Vestergaard
Name/Title:	Ulla Vestergaard/Director
Date:	02/17/2026

MM Asset Management Inc.

Signature:	/s/ Hillel Meltz
Name/Title:	Hillel Meltz/President
Date:	02/17/2026

FAQ

What ownership stake in Algoma Steel Group Inc. (ASTL) is reported in this Schedule 13G/A?

The filing reports beneficial ownership of 11,487,861 Algoma Steel common shares, representing 10.9% of the class. This percentage is based on 104,933,802 shares outstanding as of September 30, 2025, as disclosed in the issuer’s Q3 2025 MD&A.

Who are the reporting persons in the Algoma Steel (ASTL) Schedule 13G/A Amendment No. 6?

The reporting persons are MMCAP International Inc. SPC, a private investment fund, and Asset Management Inc., its investment adviser. The fund directly owns the common shares, while the adviser may be deemed to beneficially own them through its management role.

How much voting power do the reporting persons have over Algoma Steel (ASTL) shares?

The reporting persons disclose 0 shares with sole voting power and 11,487,861 shares with shared voting power. They also report the same 11,487,861 shares with shared dispositive power, meaning decisions are made jointly over this entire position.

On what share count is the 10.9% Algoma Steel (ASTL) ownership based?

The 10.9% beneficial ownership is calculated using 104,933,802 Algoma Steel common shares outstanding as of September 30, 2025. This outstanding share figure comes from the issuer’s Q3 2025 Management’s Discussion and Analysis posted on its website.

Do MMCAP and Asset Management intend to influence control of Algoma Steel (ASTL)?

The reporting persons certify the securities were not acquired and are not held to change or influence control of Algoma Steel Group Inc. They also confirm the position is not held in connection with any control-related transaction, other than activities tied to certain nomination rules.

Who signed the Algoma Steel (ASTL) Schedule 13G/A Amendment No. 6?

The statement is signed by Ulla Vestergaard, Director, and Hillel Meltz, President, each certifying the information is true, complete, and correct. Both signatures are dated February 17, 2026, confirming the accuracy of the disclosed ownership details.