Algoma Steel Group Inc. disclosure shows a group of related reporting persons collectively holding single-digit stakes in the company. Stoney Lonesome HF LP directly reports 5,467,258 Common Shares, representing about 5.1% of the expanded class; those holdings include warrants and call options exercisable within 60 days. Drake Helix Holdings, LLC directly holds 381,522 Shares (about 0.4%). CDC Financial, Inc. and Clint D. Coghill may be deemed to beneficially own up to 5.4% of the class through their relationships with the other filers. The filing states these securities were not acquired to change or influence control and disclaims ownership where not directly held.
Positive
Material disclosure of beneficial ownership above the 5% threshold by CDC Financial/affiliates (approximately 5.4%)
Clear breakdown of holdings showing how warrants and call options contribute to reported positions (exact share counts provided)
Affiliations and chain of ownership are explicitly described, including roles of CCM, Drake Helix, CDC Financial and Clint D. Coghill
Filer certification states the securities were not acquired to change or influence control, clarifying intent
Negative
None.
Insights
TL;DR: Multiple affiliated entities disclose modest, passive stakes—one exceeds the 5% reporting threshold driven by warrants and options.
The filing shows concentrated beneficial ownership just above the 5% threshold when including exercisable warrants and options, which can be material for ownership reporting and potential future dilution analyses. Stoney Lonesome's 5,467,258 shares include 3,190,357 shares issuable on warrants and 777,600 shares from call options exercisable within 60 days, indicating a portion of the position is contingent on exercise. Investors should note the ownership percentages are calculated on an expanded share count that includes those exercisable securities.
TL;DR: Related parties aggregate ownership above 5% triggers disclosure but filing affirms passive intent, not an active control campaign.
The reporting persons are affiliated through common managerial and ownership relationships, creating a joint filing. CDC Financial and Clint D. Coghill are identified as potential deemed beneficial owners due to control roles over the other filers. The statement expressly disclaims acquisition for control purposes and includes a certification to that effect. This is a routine yet material ownership disclosure under the Exchange Act.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 1)
Algoma Steel Group Inc.
(Name of Issuer)
Common Shares, no par value
(Title of Class of Securities)
015658107
(CUSIP Number)
06/30/2025
(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
Stoney Lonesome HF LP
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
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
5,467,258.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
5,467,258.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
5,467,258.00
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)
5.1 %
12
Type of Reporting Person (See Instructions)
PN
SCHEDULE 13G
CUSIP No.
015658107
1
Names of Reporting Persons
COGHILL CAPITAL MANAGEMENT LLC
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
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
5,467,258.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
5,467,258.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
5,467,258.00
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)
5.1 %
12
Type of Reporting Person (See Instructions)
OO
SCHEDULE 13G
CUSIP No.
015658107
1
Names of Reporting Persons
Drake Helix Holdings, LLC
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
WYOMING
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
381,522.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
381,522.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
381,522.00
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)
0.4 %
12
Type of Reporting Person (See Instructions)
OO
SCHEDULE 13G
CUSIP No.
015658107
1
Names of Reporting Persons
CDC Financial, 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
ILLINOIS
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
5,848,780.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
5,848,780.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
5,848,780.00
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)
5.4 %
12
Type of Reporting Person (See Instructions)
CO
SCHEDULE 13G
CUSIP No.
015658107
1
Names of Reporting Persons
COGHILL CLINT D
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
UNITED STATES
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
15,270.00
6
Shared Voting Power
5,848,780.00
7
Sole Dispositive Power
15,270.00
8
Shared Dispositive Power
5,848,780.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
5,864,050.00
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)
5.4 %
12
Type of Reporting Person (See Instructions)
IN
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 statement is filed by:
(i) Stoney Lonesome HF LP, a Delaware limited partnership ("Stoney Lonesome"), with respect to the Common Shares, no par value, of the Issuer (the "Shares") directly and beneficially owned by it;
(ii) Coghill Capital Management, LLC, a Delaware limited liability company ("CCM"), as the general partner of Stoney Lonesome;
(iii) The Drake Helix Holdings, LLC, a Wyoming limited liability company ("Drake Helix"), with respect to the Shares directly and beneficially owned by it;
(iv) CDC Financial, Inc., an Illinois corporation ("CDC Financial"), as the managing member of each of CCM and Drake Helix; and
(v) Clint D. Coghill, with respect to the Shares directly and beneficially owned by him and as the President and sole shareholder of CDC Financial.
Each of the foregoing is referred to as a "Reporting Person" and collectively as the "Reporting Persons."
(b)
Address or principal business office or, if none, residence:
The principal business address of each of the Reporting Persons is 222 S Riverside Plaza, 15th Floor, Chicago, Illinois 60606.
(c)
Citizenship:
Each of Stoney Lonesome and CCM is organized under the laws of the State of Delaware. Drake Helix is organized under the laws of the State of Wyoming. CDC Financial is organized under the laws of the State of Illinois. Mr. Coghill is a citizen of the United States of America.
(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:
As of the close of business on June 30, 2025:
(i) Stoney Lonesome directly beneficially owned 5,467,258 Shares, including 3,190,357 Shares issuable upon the exercise of certain warrants exercisable within 60 days of June 30, 2025 (the "Warrants") and 777,600 Shares underlying certain call options exercisable within 60 days of June 30, 2025;
(ii) CCM, as the general partner of Stoney Lonesome, may be deemed the beneficial owner of the 5,467,258 Shares directly beneficially owned by Stoney Lonesome;
(iii) Drake Helix directly beneficially owned 381,522 Shares, including 196,851 Shares underlying Warrants and 123,000 Shares underlying certain call options exercisable within 60 days of June 30, 2025;
(iv) CDC Financial, as the managing member of each of CCM and Drake Helix, may be deemed the beneficial owner of the 5,467,258 Shares directly beneficially owned by Stoney Lonesome and the 381,522 Shares directly beneficially owned by Drake Helix; and
(v) Mr. Coghill directly beneficially owned 15,270 Shares, including 14,000 Shares underlying Warrants. As the President and sole shareholder of CDC Financial, Mr. Coghill may also be deemed the beneficial owner of the 5,467,258 Shares directly beneficially owned by Stoney Lonesome and the 381,522 Shares directly beneficially owned by Drake Helix.
The filing of this Schedule 13G shall not be deemed an admission that the Reporting Persons are, for purposes of Section 13(d) of the Securities Exchange Act of 1934, as amended, the beneficial owners of any securities of the Issuer that such Reporting Person does not directly own. Each of the Reporting Persons specifically disclaims beneficial ownership of the securities reported herein that he or it does not directly own.
(b)
Percent of class:
The following percentages are based on 104,933,802 Shares outstanding as of June 30, 2025, which is the total number of Shares outstanding as disclosed in Exhibit 99.2 to the Issuer's Form 6-K filed with the Securities and Exchange Commission on July 30, 2025, plus the Shares issuable upon the exercise of the Warrants held by the Reporting Persons, as applicable.
As of the close of business on June 30, 2025, (i) Stoney Lonesome beneficially owned approximately 5.1% of the outstanding Shares, (ii) CCM may be deemed to beneficially own approximately 5.1% of the outstanding Shares, (iii) Drake Helix beneficially owned approximately 0.4% of the outstanding Shares, (iv) CDC Financial may be deemed to beneficially own approximately 5.4% of the outstanding Shares and (v) Mr. Coghill may be deemed to beneficially own approximately 5.4% of the outstanding Shares.
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
See Cover Pages Items 5-9.
(ii) Shared power to vote or to direct the vote:
See Cover Pages Items 5-9.
(iii) Sole power to dispose or to direct the disposition of:
See Cover Pages Items 5-9.
(iv) Shared power to dispose or to direct the disposition of:
See Cover Pages Items 5-9.
Item 5.
Ownership of 5 Percent or Less of a Class.
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.
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.
See Exhibit 99.1.
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.
Stoney Lonesome HF LP
Signature:
/s/ Clint D. Coghill
Name/Title:
Clint D. Coghill, President and sole shareholder of the managing member of its general partner
Date:
08/14/2025
COGHILL CAPITAL MANAGEMENT LLC
Signature:
/s/ Clint D. Coghill
Name/Title:
Clint D. Coghill, President and sole shareholder of its managing member
Date:
08/14/2025
Drake Helix Holdings, LLC
Signature:
/s/ Clint D. Coghill
Name/Title:
Clint D. Coghill, President and sole shareholder of its managing member
How many Algoma Steel (ASTLW) shares does Stoney Lonesome HF LP report owning?
Stoney Lonesome reports directly owning 5,467,258 Shares, representing about 5.1% of the class on an expanded basis.
What portion of the reported holdings are from warrants or options?
For Stoney Lonesome, the holding includes 3,190,357 shares from warrants and 777,600 shares from call options exercisable within 60 days; Drake Helix includes 196,851 warrant shares and 123,000 option shares.
Does CDC Financial directly own shares of Algoma Steel (ASTLW)?
CDC Financial is reported as the managing member of related entities and may be deemed to beneficially own 5,848,780 Shares (about 5.4%) through those relationships.
Does the filing indicate an intent to influence control of Algoma Steel?
No. The Schedule includes a certification stating the securities were not acquired and are not held to change or influence control, and the filers disclaim beneficial ownership where not directly held.
What is the total share base used to calculate ownership percentages?
Percentages are based on an outstanding share total of 104,933,802 Shares, adjusted to include shares issuable on the reported warrants where applicable.
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