Schedule 13G: Donald Smith & Co. discloses 6.04M shares of ASTLW

Rhea-AI Filing Summary

Donald Smith & Co., Inc. reports beneficial ownership of 6,040,168 common shares of Algoma Steel Group Inc., representing 5.76% of the class. The filing shows Donald Smith holds the majority of those shares with sole voting power on 5,815,247 shares and sole dispositive power on 5,977,517 shares. A related entity, DSCO Value Fund, L.P., holds 62,651 shares.

The filing states these securities are held in the ordinary course of business for advisory clients and were not acquired to change or influence control of the issuer. Donald Smith also discloses that no single advisory client known to it owns more than 5% of the class.

Positive

• Disclosure of a material stake: Aggregate beneficial ownership of 6,040,168 shares (5.76%) provides transparency to markets
• Passive holding certification: Filers state shares are held in the ordinary course and not to influence control
• Advisory client limits: Donald Smith reports no single advisory client owns more than 5% of the class

Negative

• None.

Insights

Financial Analyst

TL;DR: A material passive stake disclosed—6.04M shares (5.76%) signals meaningful exposure but no stated intent to seek control.

Donald Smith & Co.'s reported aggregate ownership of 6,040,168 shares (5.76%) is above the 5% disclosure threshold and therefore material to holders' ownership tables. The breakdown shows concentrated voting and dispositive authority in Donald Smith for most of the shares reported, while DSCO Value Fund accounts for a small portion (62,651 shares). The filing's certification that holdings are in the ordinary course and not intended to influence control classifies this as a passive disclosure rather than an activist or control-seeking move.

Corporate Governance Expert

TL;DR: Schedule 13G disclosure signals transparency and passive positioning; governance impact appears limited given the stated intent.

The Schedule 13G declaration and accompanying certification indicate the filer asserts no intent to change issuer control, which limits immediate governance implications. Materiality stems from surpassing 5% ownership—this can affect shareholder composition and voting dynamics if positions change, but the filing provides no indication of planned engagement or proposals. The note that no single advisory client holds >5% reduces the prospect of a single client exercising outsized influence based on these reported holdings.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

Algoma Steel Group Inc.

(Name of Issuer)

Common

(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

DONALD SMITH & CO., 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

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 5,815,247.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 5,977,517.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

6,040,168.00

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)

5.8 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

CUSIP No. 015658107

1

Names of Reporting Persons

DSCO Value Fund, L.P.

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 62,651.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 62,651.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

6,040,168.00

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)

0.0 %

12

Type of Reporting Person (See Instructions)

PN

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: Donald Smith & Co., Inc.
(b)	Address or principal business office or, if none, residence: 152 West 57th Street, 29th Floor New York, NY 10019
(c)	Citizenship: A Delaware Corporation
(d)	Title of class of securities: Common
(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: 6,040,168
(b)	Percent of class: 5.76%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: Donald Smith & Co., Inc. 5,815,247 DSCO Value Fund, L.P. 62,651
	(ii) Shared power to vote or to direct the vote: SEE ITEM 6
	(iii) Sole power to dispose or to direct the disposition of: Donald Smith & Co., Inc. 5,977,517 DSCO Value Fund, L.P. 62,651
	(iv) Shared power to dispose or to direct the disposition of: SEE ITEM 6
Item 5.	Ownership of 5 Percent or Less of a Class.
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. Donald Smith & Co., Inc. does not serve as custodian of the assets of any of its clients; accordingly, in each instance only the client or the client?s custodian or trustee bank has the right to receive dividends paid with respect to, and proceeds from the sale of, such securities. The ultimate power to direct the receipt of dividends paid with respect to, and the proceeds from the sale of, such securities, is vested in the institutional clients which Donald Smith & Co., Inc. serves as investment advisor. Any and all discretionary authority which has been delegated to Donald Smith & Co., Inc. may be revoked in whole or in part at any time. To the knowledge of Donald Smith & Co., Inc., with respect to all securities reported in this schedule owned by advisory clients of Donald Smith & Co., Inc., not more than 5% of the class of such securities is owned by any one client.2. With respect to the remaining securities owned, various persons have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the Common Stock of Algoma Steel Group Inc. No one person?s interest in the Common Stock of Algoma Steel Group Inc. is more than five percent of the total outstanding Common Stock.
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)(K), so indicate under Item 3(k) 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 A
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.

DONALD SMITH & CO., INC.

Signature:	Richard L. Greenberg
Name/Title:	CEO and Co-CIO
Date:	08/13/2025

DSCO Value Fund, L.P.

Signature:	Richard L. Greenberg
Name/Title:	CEO and Co-CIO
Date:	08/13/2025

FAQ

What stake in Algoma Steel (ASTLW) does Donald Smith & Co. report?

Donald Smith & Co. reports beneficial ownership of 6,040,168 shares, representing 5.76% of the class.

How are voting and dispositive powers allocated in the filing?

Donald Smith reports sole voting power on 5,815,247 shares and sole dispositive power on 5,977,517 shares; DSCO Value Fund holds 62,651 shares with sole voting and dispositive power.

Does the filing indicate an intent to influence control of Algoma Steel (ASTLW)?

No. The filing includes a certification that the securities were acquired and are held in the ordinary course of business and were not acquired to change or influence control of the issuer.

Who filed the Schedule 13G for ASTLW?

The filing was made by Donald Smith & Co., Inc. and DSCO Value Fund, L.P., with Donald Smith acting as an investment adviser.

Are the reported shares held on behalf of clients?

Yes. Donald Smith states the securities reported are held for advisory clients and that no one client known to it owns more than 5% of the class.