<SEC-DOCUMENT>0000905148-25-003014.txt : 20250814
<SEC-HEADER>0000905148-25-003014.hdr.sgml : 20250814
<ACCEPTANCE-DATETIME>20250814204849
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
</SEC-HEADER>
<DOCUMENT>
<TYPE>SCHEDULE 13D/A
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
<?xml version="1.0" encoding="UTF-8"?><edgarSubmission xmlns="http://www.sec.gov/edgar/schedule13D" xmlns:com="http://www.sec.gov/edgar/common">
<headerData>
<submissionType>SCHEDULE 13D/A</submissionType>
<filerInfo>
<filer>
<filerCredentials>
<cik>0001658363</cik>
<ccc>XXXXXXXX</ccc>
</filerCredentials>
</filer>
<liveTestFlag>LIVE</liveTestFlag>



</filerInfo>
</headerData>
<formData>
<coverPageHeader>
<amendmentNo>2</amendmentNo>
<securitiesClassTitle>Common Shares, no par value</securitiesClassTitle>
<dateOfEvent>08/12/2025</dateOfEvent>
<previouslyFiledFlag>false</previouslyFiledFlag>
<issuerInfo>
<issuerCIK>0001860805</issuerCIK>
<issuerCUSIP>015658107</issuerCUSIP>
<issuerName>Algoma Steel Group Inc.</issuerName>
<address>
<com:street1>105 West Street</com:street1>
<com:city>Sault Ste. Marie</com:city>
<com:stateOrCountry>A6</com:stateOrCountry>
<com:zipCode>P6A 7B4</com:zipCode>
</address>
</issuerInfo>
<authorizedPersons>
<notificationInfo>
<personName>Stephen D. Lane</personName>
<personPhoneNum>(416) 619-0705</personPhoneNum>
<personAddress>
<com:street1>21 St. Clair Avenue East</com:street1>
<com:street2>Suite 1100</com:street2>
<com:city>Toronto</com:city>
<com:stateOrCountry>A6</com:stateOrCountry>
<com:zipCode>M4T 1L9</com:zipCode>
</personAddress>
</notificationInfo>
</authorizedPersons>
</coverPageHeader>
<reportingPersons>
<reportingPersonInfo>
<reportingPersonCIK>0001658363</reportingPersonCIK>
<reportingPersonName>Maple Rock Capital Partners Inc.</reportingPersonName>
<fundType>AF</fundType>
<citizenshipOrOrganization>A6</citizenshipOrOrganization>
<soleVotingPower>0</soleVotingPower>
<sharedVotingPower>10430818</sharedVotingPower>
<soleDispositivePower>0</soleDispositivePower>
<sharedDispositivePower>10430818</sharedDispositivePower>
<aggregateAmountOwned>10430818</aggregateAmountOwned>
<isAggregateExcludeShares>N</isAggregateExcludeShares>
<percentOfClass>9.9</percentOfClass>
<typeOfReportingPerson>IA</typeOfReportingPerson>
</reportingPersonInfo>
<reportingPersonInfo>
<reportingPersonCIK>0001943120</reportingPersonCIK>
<reportingPersonName>Majic Xavier</reportingPersonName>
<fundType>AF</fundType>
<citizenshipOrOrganization>Z4</citizenshipOrOrganization>
<soleVotingPower>0</soleVotingPower>
<sharedVotingPower>10430818</sharedVotingPower>
<soleDispositivePower>0</soleDispositivePower>
<sharedDispositivePower>10430818</sharedDispositivePower>
<aggregateAmountOwned>10430818</aggregateAmountOwned>
<isAggregateExcludeShares>N</isAggregateExcludeShares>
<percentOfClass>9.9</percentOfClass>
<typeOfReportingPerson>IN</typeOfReportingPerson>
<typeOfReportingPerson>HC</typeOfReportingPerson>
</reportingPersonInfo>
</reportingPersons>
<items1To7>
<item1>
<securityTitle>Common Shares, no par value</securityTitle>
<issuerName>Algoma Steel Group Inc.</issuerName>
<issuerPrincipalAddress>
<com:street1>105 West Street</com:street1>
<com:city>Sault Ste. Marie</com:city>
<com:stateOrCountry>A6</com:stateOrCountry>
<com:zipCode>P6A 7B4</com:zipCode>
</issuerPrincipalAddress>
<commentText>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.</commentText>
</item1>
<item3>
<fundsSource>Item 3 of the Schedule 13D is hereby amended and supplemented as follows:&#13;
&#13;
A total of approximately $14.9 million was paid to acquire the Common Shares purchased since the filing of Amendment No. 1.  &#13;
&#13;
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.&#13;
&#13;
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.</fundsSource>
</item3>
<item5>
<percentageOfClassSecurities>Item 5(a) of the Schedule 13D is hereby amended and supplemented as follows:		&#13;
&#13;
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.</percentageOfClassSecurities>
<numberOfShares>Item 5(b) of the Schedule 13D is hereby amended and supplemented as follows:&#13;
&#13;
The Reporting Persons have shared voting power and shared dispositive power over 10,430,818 Common Shares.</numberOfShares>
<transactionDesc>Item 5(c) of the Schedule 13D is hereby amended and supplemented as follows:&#13;
&#13;
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.&#13;
&#13;
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.&#13;
&#13;
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.&#13;
	&#13;
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.&#13;
&#13;
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.&#13;
&#13;
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.&#13;
&#13;
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.&#13;
&#13;
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.</transactionDesc>
</item5>
</items1To7>
<signatureInfo>
<signaturePerson>
<signatureReportingPerson>Maple Rock Capital Partners Inc.</signatureReportingPerson>
<signatureDetails>
<signature>/s/ Stephen D. Lane</signature>
<title>Stephen D. Lane, Chief Financial Officer</title>
<date>08/14/2025</date>
</signatureDetails>
</signaturePerson>
<signaturePerson>
<signatureReportingPerson>Majic Xavier</signatureReportingPerson>
<signatureDetails>
<signature>/s/ Xavier Majic</signature>
<title>Xavier Majic</title>
<date>08/14/2025</date>
</signatureDetails>
</signaturePerson>
</signatureInfo>
</formData>
</edgarSubmission>
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</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
