MMCAP fund and adviser report 7.22M Algoma shares; 6.9% ownership

Rhea-AI Filing Summary

Algoma Steel Group Inc. Schedule 13G/A shows that MMCAP International Inc. SPC (the "Fund") and its adviser MM Asset Management Inc. together report beneficial ownership of 7,218,218 common shares, representing 6.9% of the outstanding common shares based on 104,933,802 shares outstanding as of March 31, 2025. The Fund is organized in the Cayman Islands and holds the shares directly; the Adviser, organized in Ontario, Canada, may be deemed to beneficially own the Fund's holdings as its investment manager. The filing states the position is not held to influence control of the issuer and is reported as of the event date June 30, 2025.

Positive

• Disclosed material minority stake: Reporting Persons beneficially own 7,218,218 shares (6.9%) of Algoma Steel Group Inc.
• Clear adviser/fund relationship: The filing identifies the Fund (MMCAP International Inc. SPC) and the Adviser (MM Asset Management Inc.) and their respective places of organization.
• Certification against control intent: The signee certifies the securities are not held to change or influence control of the issuer.

Negative

• None.

Insights

Financial Analyst

TL;DR: A 6.9% stake is material but non-controlling; disclosure clarifies ownership and voting/dispositive arrangements.

The filing documents a significant minority stake of 7,218,218 shares (6.9%), reported by a Cayman-domiciled fund and its Canadian adviser. Shared voting and dispositive power are disclosed, with no sole voting or dispositive power reported. This level of ownership is sizable relative to the float and may attract attention from investors and analysts, yet the filing explicitly states the position is not intended to influence control. The reliance on the issuer's March 31, 2025 outstanding share count ties the percentage to a specific reporting base.

Corporate Governance Expert

TL;DR: Proper disclosure of beneficial ownership and adviser relationship; no indication of control intent.

The Schedule 13G/A correctly identifies both the reporting fund and its adviser, specifies shared voting and dispositive powers of 7,218,218 shares, and includes the certification that the stake is not held to change or influence control. For governance review, the absence of sole voting power and the explicit disclaimer reduce immediate concerns about activist intentions, but the near-7% stake is large enough to merit monitoring for future filings or nominations.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 3)

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

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 7,218,218.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 7,218,218.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

7,218,218.00

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)

6.9 %

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 7,218,218.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 7,218,218.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

7,218,218.00

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)

6.9 %

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, Ontario, Canada, 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 June 30, 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 March 31, 2025, as reported in the Issuer's Management's Discussion and Analysis for Q1 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.
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:	08/14/2025

MM Asset Management Inc.

Signature:	/s/ Hillel Meltz
Name/Title:	Hillel Meltz/President
Date:	08/14/2025

FAQ

Who filed the Schedule 13G/A for Algoma Steel Group Inc. (ASTLW)?

The filing was made by MMCAP International Inc. SPC (the Fund) and MM Asset Management Inc. (the Adviser).

How many Algoma common shares were reported and what percent do they represent?

The Reporting Persons disclosed ownership of 7,218,218 common shares, representing 6.9% of the class based on 104,933,802 shares outstanding.

What voting and dispositive powers are reported?

The report shows 0 sole voting power, 7,218,218 shared voting power, 0 sole dispositive power, and 7,218,218 shared dispositive power.

As of what date is the ownership reported?

The ownership is reported as of the event date June 30, 2025, with the outstanding share count referenced as of March 31, 2025.

Does the filing state the stake is intended to influence control of Algoma?

No. The certification states the securities are not acquired or held to change or influence control of the issuer.