# EDGAR Filing Document

**Accession Number:** 0001658363
**File Stem:** 0000905148-25-003187
**Filing Date:** 2025-8
**Character Count:** 12704
**Document Hash:** 6292865a097395a3a118710d380d960b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000905148-25-003187.hdr.sgml**: 20250828

**ACCESSION NUMBER**: 0000905148-25-003187

**CONFORMED SUBMISSION TYPE**: SCHEDULE 13G

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20250828

**DATE AS OF CHANGE**: 20250828

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Algoma Steel Group Inc.
- **CENTRAL INDEX KEY:** 0001860805
- **STANDARD INDUSTRIAL CLASSIFICATION:** STEEL WORKS, BLAST FURNACES  ROLLING MILLS (COKE OVENS) [3312]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 000000000
- **STATE OF INCORPORATION:** A1
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13G
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-93490
- **FILM NUMBER:** 251275230

**BUSINESS ADDRESS:**
- **STREET 1:** 105 WEST STREET
- **CITY:** SAULT STE. MARIE
- **STATE:** A6
- **ZIP:** P6A 7B4
- **BUSINESS PHONE:** 705-945-2351

**MAIL ADDRESS:**
- **STREET 1:** 105 WEST STREET
- **CITY:** SAULT STE. MARIE
- **STATE:** A6
- **ZIP:** P6A 7B4

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** 1295908 B.C. LTD.
- **DATE OF NAME CHANGE:** 20210505
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Maple Rock Capital Partners Inc.
- **CENTRAL INDEX KEY:** 0001658363

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** Z4
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13G

**BUSINESS ADDRESS:**
- **STREET 1:** 21 ST. CLAIR AVENUE EAST, SUITE 1100
- **CITY:** TORONTO
- **STATE:** A6
- **ZIP:** M4T 1L9
- **BUSINESS PHONE:** 416-572-3899

**MAIL ADDRESS:**
- **STREET 1:** 21 ST. CLAIR AVENUE EAST, SUITE 1100
- **CITY:** TORONTO
- **STATE:** A6
- **ZIP:** M4T 1L9

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Maple Rock Capital Partners, Inc.
- **DATE OF NAME CHANGE:** 20151113

## Ex-1

#### EXHIBIT 1<br>

#### JOINT FILING AGREEMENT

The undersigned hereby agree that each of them is individually eligible to use the SCHEDULE 13G to which this Exhibit 1 is attached, and such SCHEDULE 13G is filed on behalf of each of them; and each of them is responsible for the timely filing of such SCHEDULE 13G and any amendments thereto, and for the completeness and accuracy of the information concerning such person contained therein; but none of them is responsible for the completeness or accuracy of the information concerning the other persons making the filing, unless such person knows or has reason to believe that such information is inaccurate.

---

| | |
|:---|:---|
| **Maple Rock Capital Partners Inc.**<br>****  | **Maple Rock Capital Partners Inc.**<br>****  |
| **Signature:** | /s/ Stephen D. Lane<br>|
| **Name/Title:** | Stephen D. Lane, Chief Financial Officer<br>|
| **Date:** | 08/28/2025 |
| **Xavier Majic** | **Xavier Majic** |
| **Signature:** | /s/ Xavier Majic<br>|
| **Name/Title:** | Xavier Majic<br>|
| **Date:** | 08/28/2025 |

---

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## SCHEDULE 13G

### Under the Securities Exchange Act of 1934

**Issuer:** Algoma Steel Group Inc.

**Title of Class of Securities:** Common Shares, no par value

**CUSIP Number:** 015658107

**Date of Event Which Requires Filing of this Statement:** 08/28/2025

**Check the appropriate box to designate the rule pursuant to which this Schedule is filed:**

- [x] Rule 13d-1(b)

- [ ] Rule 13d-1(c)

- [ ] Rule 13d-1(d)

---

| 1. | Names of Reporting Persons<br>Maple Rock Capital Partners Inc. | Names of Reporting Persons<br>Maple Rock Capital Partners Inc. |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>Z4 | Citizenship or Place of Organization<br>Z4 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>10430818 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>0 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>10430818 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>0 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>10430818 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>10430818 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>9.9% | Percent of Class Represented by Amount in Row (9)<br>9.9% |
| 12. | Type of Reporting Person (See Instructions)<br>IA | Type of Reporting Person (See Instructions)<br>IA |

---

| 1. | Names of Reporting Persons<br>Xavier Majic | Names of Reporting Persons<br>Xavier Majic |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>Z4 | Citizenship or Place of Organization<br>Z4 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>10430818 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>0 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>10430818 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>0 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>10430818 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>10430818 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>9.9% | Percent of Class Represented by Amount in Row (9)<br>9.9% |
| 12. | Type of Reporting Person (See Instructions)<br>IN, HC | Type of Reporting Person (See Instructions)<br>IN, HC |

---

**Item 1(a). Name of Issuer:**
Algoma Steel Group Inc.

**Item 1(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 being filed by Maple Rock Capital Partners Inc. and Xavier Majic (together, the "Reporting Persons").

On August 28, 2025, the Reporting Persons determined that they no longer hold the Common Shares for the purpose of or with the effect of changing or influencing the control of the Issuer.  Accordingly, the Reporting Persons are filing this statement on Schedule 13G pursuant to Rule 13d-1(h) under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), to amend the statement on Schedule 13D filed with the U.S. Securities and Exchange Commission (the "Commission") on October 25, 2024, as amended on May 5, 2025 and August 14, 2025 (collectively, the "Schedule 13D").  The Schedule 13D was filed pursuant to Rule 13d-1(e) under the Exchange Act, and amended the statement on Schedule 13G previously filed by the Reporting Persons, most recently on February 14, 2024.

**Item 2(b). Address of Principal Business Office:**
21 St. Clair Avenue East, Suite 1100, Toronto, Ontario, M4T 1L9, Canada

**Item 2(c). Citizenship:**
Maple Rock Capital Partners Inc. is a corporation incorporated under the laws of Canada.  Xavier Majic is a citizen of Canada.

**Item 2(d). Title of Class of Securities:**
Common Shares, no par value

**Item 2(e). CUSIP Number:**
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) [x] 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) [x] 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:**

Information with respect to the Reporting Persons' ownership of Common Shares as of the date hereof is incorporated by reference to items (5) - (9) of the cover page of the respective Reporting Person.

**(b) Percent of class:**

Information with respect to the Reporting Persons' percentage ownership of the Common Shares as of the date hereof is incorporated by reference to item (11) of the cover page of the respective Reporting Person.
The percentage of Common Shares beneficially owned by each Reporting Person is determined 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.

**(c) Number of shares as to which the person has:**

**(i) Sole power to vote or to direct the vote:**

10,430,818

**(ii) Shared power to vote or to direct the vote:**

0

**(iii) Sole power to dispose or to direct the disposition of:**

10,430,818

**(iv) Shared power to dispose or to direct the disposition of:**

0

**Item 5. Ownership of Five Percent or Less of a Class.**

[x] If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than five percent of the class of securities, check the following.

**Item 6. Ownership of More than 5 Percent on Behalf of Another Person.**

Maple Rock Capital Partners Inc. (the "Manager") is an SEC-registered investment advisor whose client, Maple Rock Master Fund LP, has the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the securities covered by this statement. Mr. Majic is the Chief Investment Officer of the Manager.

**Item 7. Identification and Classification of the Subsidiary**

Not Applicable

**Item 8. Identification and Classification of Members of the Group**

The Reporting Persons are filing this Schedule 13G jointly, but not as members of a group, and each of them expressly disclaims membership in a group.  Further, each of the Reporting Persons disclaims beneficial ownership of the Common Shares except to the extent of their respective pecuniary interest therein.

**Item 9. Notice of Dissolution of Group**

Not Applicable

**Item 10. Certification:**

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.

**Maple Rock Capital Partners Inc.**

**Date:** 08/28/2025

**By:** /s/ Stephen D. Lane

**Name & Title:** Stephen D. Lane, Chief Financial Officer

**Xavier Majic**

**Date:** 08/28/2025

**By:** /s/ Xavier Majic

**Name & Title:** Xavier Majic