Schedule 13D/A: Maple Rock Accumulates 10.43M Algoma Shares via Open-Market Trades

Rhea-AI Filing Summary

Amendment No. 2 to a Schedule 13D reports that Maple Rock Capital Partners Inc. (through its Master Fund) and related reporting persons beneficially own 10,430,818 common shares of Algoma Steel Group Inc., representing approximately 9.9% of the 104,933,802 shares outstanding as of July 17, 2025. The filing states approximately $14.9 million was paid for purchases made since Amendment No. 1 and discloses multiple open-market transactions on June 17-19, July 31 and August 12-14, 2025, with weighted average prices for each trading date. The Reporting Persons have shared voting and dispositive power over the reported shares. The filing notes shares may be held in margin accounts and pledged as collateral.

Positive

• Clear disclosure of beneficial ownership totaling 10,430,818 shares (approximately 9.9%)
• Detailed trade-level information including dates, quantities and weighted-average purchase prices for multiple transactions
• Specified aggregate purchase amount of approximately $14.9 million for acquisitions since Amendment No. 1

Negative

• Position remains below 10%, at 9.9%, which may limit certain regulatory or market-triggered thresholds
• Use of margin accounts and potential pledging of shares may introduce financing-related risks to the position

Insights

Financial Analyst

TL;DR: Reporting persons accumulated a near-10% stake via multiple open-market purchases totaling about $14.9M, now holding 9.9% of shares.

The filing documents concentrated purchasing activity across June, July and August 2025 with detailed weighted-average prices per transaction date, showing active accumulation by the Master Fund. Beneficial ownership of 10,430,818 shares equals approximately 9.9% of the outstanding common shares based on the issuer's July 17, 2025 share count. The disclosure of shared voting and dispositive power clarifies control constructs. Use of margin accounts and potential pledging of shares are disclosed and may affect how positions are financed.

Corporate Governance Expert

TL;DR: The amendment clarifies ownership, voting and dispositive arrangements for a sizable pre-10% stake acquired in open market trades.

The statement provides transparency on who holds shared voting and dispositive power and quantifies the position relative to the issuer's reported outstanding shares. The schedule lists precise trade dates, quantities and weighted-average prices, enhancing traceability of accumulation. The filing also flags that positions may be in margin accounts and could be pledged as collateral, which is relevant for governance and voting stability.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

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)

Stephen D. Lane
21 St. Clair Avenue East, Suite 1100
Toronto, A6, M4T 1L9
(416) 619-0705

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

08/12/2025

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

SCHEDULE 13D

CUSIP No. 015658107

1

Name of reporting person

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

Source of funds (See Instructions)

AF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

ONTARIO, CANADA

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 10,430,818.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 10,430,818.00

11

Aggregate amount beneficially owned by each reporting person

10,430,818.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

9.9 %

14

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13D

CUSIP No. 015658107

1

Name of reporting person

Majic Xavier

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

AF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

CANADA (FEDERAL LEVEL)

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 10,430,818.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 10,430,818.00

11

Aggregate amount beneficially owned by each reporting person

10,430,818.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

9.9 %

14

Type of Reporting Person (See Instructions)

IN, HC

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Common Shares, no par value
(b)	Name of Issuer: Algoma Steel Group Inc.
(c)	Address of Issuer's Principal Executive Offices: 105 West Street, Sault Ste. Marie, ONTARIO, CANADA , P6A 7B4.
Item 1 Comment: Pursuant to Rule 13d-2 of the Act, this Amendment No. 2 to the Schedule 13D ("Amendment No. 2") amends certain items of the Schedule 13D filed with the Commission on October 25, 2024 (the "Original Schedule 13D"), as amended by Amendment No. 1 filed with the Commission on May 5, 2025 (collectively, the "Schedule 13D"), relating to the Common Shares, no par value (the "Common Shares"), of Algoma Steel Group Inc. (the "Issuer" or the "Company"). All capitalized terms contained herein but not otherwise defined shall have the meanings ascribed to such terms in the Schedule 13D. Except as specifically provided herein, this Amendment No. 2 does not modify any of the information previously reported in the Schedule 13D.
Item 3.	Source and Amount of Funds or Other Consideration
	Item 3 of the Schedule 13D is hereby amended and supplemented as follows: A total of approximately $14.9 million was paid to acquire the Common Shares purchased since the filing of Amendment No. 1. The Reporting Persons may effect purchases of the Common Shares through margin accounts maintained for the Master Fund with prime brokers, which extend margin credit as and when required to open or carry positions in their margin accounts, subject to applicable federal margin regulations, stock exchange rules and such firms' credit policies. Positions in the Common Shares may be held in margin accounts and may be pledged as collateral security for the repayment of debit balances in such accounts. Since other securities may be held in such margin accounts, it may not be possible to determine the amounts, if any, of margin used to purchase the Common Shares. The source of the funds used to acquire the Common Shares purchased since the filing of Amendment No. 1 was the working capital of the Master Fund.
Item 5.	Interest in Securities of the Issuer
(a)	Item 5(a) of the Schedule 13D is hereby amended and supplemented as follows: As of the date hereof, the Reporting Persons may be deemed the beneficial owners of 10,430,818 Common Shares held directly by the Master Fund, which amount represents approximately 9.9% of the Common Shares outstanding. The percentage reported herein is based on 104,933,802 Common Shares outstanding as of July 17, 2025, as reported in the Issuer's registration statement on Form F-10 filed with the Commission on July 18, 2025.
(b)	Item 5(b) of the Schedule 13D is hereby amended and supplemented as follows: The Reporting Persons have shared voting power and shared dispositive power over 10,430,818 Common Shares.
(c)	Item 5(c) of the Schedule 13D is hereby amended and supplemented as follows: On June 17, 2025, the Master Fund purchased 266,786 Common Shares in multiple open market transactions at prices ranging from $6.605 to $6.835, inclusive. The weighted average purchase price for the transactions was $6.7743 per Common Share. On June 18, 2025, the Master Fund purchased 52,214 Common Shares in multiple open market transactions at prices ranging from $6.765 to $6.98, inclusive. The weighted average purchase price for the transactions was $6.8732 per Common Share. On June 19, 2025, the Master Fund purchased 176,800 Common Shares in multiple open market transactions at prices ranging from $6.9446 to $6.9958, inclusive. The weighted average purchase price for the transactions was $6.9733 per Common Share. On July 31, 2025, the Master Fund purchased 200,000 Common Shares in multiple open market transactions at prices ranging from $5.305 to $5.56, inclusive. The weighted average purchase price for the transactions was $5.4016 per Common Share. On August 12, 2025, the Master Fund purchased 562,796 Common Shares in multiple open market transactions at prices ranging from $4.37 to $4.615, inclusive. The weighted average purchase price for the transactions was $4.5289 per Common Share. On August 13, 2025, the Master Fund purchased 361,329 Common Shares in multiple open market transactions at prices ranging from $4.605 to $4.715, inclusive. The weighted average purchase price for the transactions was $4.6761 per Common Share. On August 14, 2025, the Master Fund purchased 909,893 Common Shares in multiple open market transactions at prices ranging from $4.5678 to $4.7152, inclusive. The weighted average purchase price for the transactions was $4.6367 per Common Share. Except as set forth above, none of the Reporting Persons have engaged in any transaction with respect to the Common Shares during the 60 days prior to the date of filing of this Amendment No. 2.

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:	08/14/2025

Majic Xavier

Signature:	/s/ Xavier Majic
Name/Title:	Xavier Majic
Date:	08/14/2025

FAQ

How many Algoma Steel (ASTLW) shares do the reporting persons own?

They beneficially own 10,430,818 common shares, representing approximately 9.9% of outstanding shares.

What dollar amount was paid for recent ASTLW purchases?

Approximately $14.9 million was paid to acquire the Common Shares purchased since Amendment No. 1.

When were the recent open-market purchases of ASTLW made?

Purchases occurred on June 17-19, July 31 and August 12-14, 2025, with specific quantities and weighted-average prices disclosed.

Do the reporting persons have voting control over the shares?

They have shared voting power and shared dispositive power over the 10,430,818 Common Shares.

Are the reported ASTLW shares held in margin accounts or pledged?

The filing states shares may be held in margin accounts and may be pledged as collateral for repayment of debit balances.