# EDGAR Filing Document

**Accession Number:** 0001860805
**File Stem:** 0000905148-25-003014
**Filing Date:** 2025-8
**Character Count:** 10713
**Document Hash:** cd6b47daae69f63d4dd6d3c693aed6c9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000905148-25-003014.hdr.sgml**: 20250814

**ACCESSION NUMBER**: 0000905148-25-003014

**CONFORMED SUBMISSION TYPE**: SCHEDULE 13D/A

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20250814

**DATE AS OF CHANGE**: 20250814

**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 13D/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-93490
- **FILM NUMBER:** 251222073

**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 13D/A

**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

### UNITED STATES 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**<br>21 St. Clair Avenue East<br>Suite 1100<br>Toronto A6 M4T 1L9<br>(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)*

| **CUSIP No.** | **015658107** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Maple Rock Capital Partners Inc.** | Name of reporting person<br>**Maple Rock Capital Partners Inc.** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**AF** | Source of funds (See Instructions)<br>**AF** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**ONTARIO** | Citizenship or place of organization<br>**ONTARIO** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**10430818.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**10430818.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**10430818.00** | Aggregate amount beneficially owned by each reporting person<br>**10430818.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**9.9%** | Percent of class represented by amount in Row (11)<br>**9.9%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**IA** | Type of Reporting Person (See Instructions)<br>**IA** | |

---

| **CUSIP No.** | **015658107** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Majic Xavier** | Name of reporting person<br>**Majic Xavier** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**AF** | Source of funds (See Instructions)<br>**AF** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**ISRAEL** | Citizenship or place of organization<br>**ISRAEL** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**10430818.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**10430818.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**10430818.00** | Aggregate amount beneficially owned by each reporting person<br>**10430818.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**9.9%** | Percent of class represented by amount in Row (11)<br>**9.9%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**IN** | Type of Reporting Person (See Instructions)<br>**IN** | |

---

**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, A6, P6A 7B4

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 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.

**Reporting Person:** Maple Rock Capital Partners Inc.

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

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

**Date:** 08/14/2025

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.

**Reporting Person:** Majic Xavier

**Signature:** /s/ Xavier Majic

**Name/Title:** Xavier Majic

**Date:** 08/14/2025