<SEC-DOCUMENT>0000905148-25-003822.txt : 20251107
<SEC-HEADER>0000905148-25-003822.hdr.sgml : 20251107
<ACCEPTANCE-DATETIME>20251107161218
ACCESSION NUMBER:		0000905148-25-003822
CONFORMED SUBMISSION TYPE:	SCHEDULE 13G/A
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20251107
DATE AS OF CHANGE:		20251107

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/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-93490
		FILM NUMBER:		251462783

	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/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>
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<TYPE>SCHEDULE 13G/A
<SEQUENCE>1
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<submissionType>SCHEDULE 13G/A</submissionType>
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<amendmentNo>1</amendmentNo>
<securitiesClassTitle>Common Shares, no par value</securitiesClassTitle>
<eventDateRequiresFilingThisStatement>10/31/2025</eventDateRequiresFilingThisStatement>
<issuerInfo>
<issuerCik>0001860805</issuerCik>
<issuerName>Algoma Steel Group Inc.</issuerName>
<issuerCusip>015658107</issuerCusip>
<issuerPrincipalExecutiveOfficeAddress>
<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>
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<designateRulePursuantThisScheduleFiled>Rule 13d-1(b)</designateRulePursuantThisScheduleFiled>
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<reportingPersonName>Maple Rock Capital Partners Inc.</reportingPersonName>
<citizenshipOrOrganization>Z4</citizenshipOrOrganization>
<reportingPersonBeneficiallyOwnedNumberOfShares>
<soleVotingPower>13993930</soleVotingPower>
<sharedVotingPower>0</sharedVotingPower>
<soleDispositivePower>13993930</soleDispositivePower>
<sharedDispositivePower>0</sharedDispositivePower>
</reportingPersonBeneficiallyOwnedNumberOfShares>
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<aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
<classPercent>13.3</classPercent>
<typeOfReportingPerson>IA</typeOfReportingPerson>
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<coverPageHeaderReportingPersonDetails>

<reportingPersonName>Xavier Majic</reportingPersonName>
<citizenshipOrOrganization>Z4</citizenshipOrOrganization>
<reportingPersonBeneficiallyOwnedNumberOfShares>
<soleVotingPower>13993930</soleVotingPower>
<sharedVotingPower>0</sharedVotingPower>
<soleDispositivePower>13993930</soleDispositivePower>
<sharedDispositivePower>0</sharedDispositivePower>
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<reportingPersonBeneficiallyOwnedAggregateNumberOfShares>13993930</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
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<classPercent>13.3</classPercent>
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<items>
<item1>
<issuerName>Algoma Steel Group Inc.</issuerName>
<issuerPrincipalExecutiveOfficeAddress>105 West Street, Sault Ste. Marie, Ontario, Canada, P6A 7B4</issuerPrincipalExecutiveOfficeAddress>
</item1>
<item2>
<filingPersonName>This Schedule 13G is being filed by Maple Rock Capital Partners Inc. and Xavier Majic (together, the "Reporting Persons").</filingPersonName>
<principalBusinessOfficeOrResidenceAddress>21 St. Clair Avenue East, Suite 1100, Toronto, Ontario, M4T 1L9, Canada</principalBusinessOfficeOrResidenceAddress>
<citizenship>Maple Rock Capital Partners Inc. is a corporation incorporated under the laws of Canada.  Xavier Majic is a citizen of Canada.</citizenship>
</item2>
<item3>
<notApplicableFlag>N</notApplicableFlag>
<typeOfPersonFiling>IA</typeOfPersonFiling>
<typeOfPersonFiling>HC</typeOfPersonFiling>
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<item4>
<amountBeneficiallyOwned>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.</amountBeneficiallyOwned>
<classPercent>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.  &#13;
&#13;
The percentage of Common Shares beneficially owned by each Reporting Person is determined based on 104,933,802 Common Shares outstanding as of September 30, 2025, as reported in Exhibit 99.4 to the Issuer's current report on Form 6-K filed with the U.S. Securities and Exchange Commission on October 30, 2025.</classPercent>
<numberOfSharesPersonHas>
<solePowerOrDirectToVote>13,993,930</solePowerOrDirectToVote>
<sharedPowerOrDirectToVote>0</sharedPowerOrDirectToVote>
<solePowerOrDirectToDispose>13,993,930</solePowerOrDirectToDispose>
<sharedPowerOrDirectToDispose>0</sharedPowerOrDirectToDispose>
</numberOfSharesPersonHas>
</item4>
<item5>
<notApplicableFlag>Y</notApplicableFlag>
</item5>
<item6>
<notApplicableFlag>N</notApplicableFlag>
<ownershipMoreThan5PercentOnBehalfOfAnotherPerson>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.</ownershipMoreThan5PercentOnBehalfOfAnotherPerson>
</item6>
<item7>
<notApplicableFlag>Y</notApplicableFlag>
</item7>
<item8>
<notApplicableFlag>N</notApplicableFlag>
<identificationAndClassificationOfGroupMembers>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.</identificationAndClassificationOfGroupMembers>
</item8>
<item9>
<notApplicableFlag>Y</notApplicableFlag>
</item9>
<item10>
<notApplicableFlag>N</notApplicableFlag>
<certifications>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.</certifications>
</item10>
</items>
<exhibitInfo>Exhibit 1: Joint Filing Agreement, dated November 7, 2025</exhibitInfo>
<signatureInformation>
<reportingPersonName>Maple Rock Capital Partners Inc.</reportingPersonName>
<signatureDetails>
<signature>/s/ Stephen D. Lane</signature>
<title>Stephen D. Lane, Chief Financial Officer</title>
<date>11/07/2025</date>
</signatureDetails>
</signatureInformation>
<signatureInformation>
<reportingPersonName>Xavier Majic</reportingPersonName>
<signatureDetails>
<signature>/s/ Xavier Majic</signature>
<title>Xavier Majic</title>
<date>11/07/2025</date>
</signatureDetails>
</signatureInformation>
</formData>

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<TYPE>EX-1
<SEQUENCE>2
<FILENAME>jointfilingagreement.htm
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    <div style="text-align: right; font-weight: bold;">EXHIBIT 1</div>
    <div><br>
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    <div style="text-align: center; font-weight: bold;">JOINT FILING AGREEMENT</div>
    <div><br>
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    <div>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
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          <td style="width: 39.8%; vertical-align: top;">&#160;</td>
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            <div style="font-weight: bold;">Maple Rock Capital Partners Inc.</div>
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            <div>/s/ Stephen D. Lane</div>
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            <div>Stephen D. Lane, Chief Financial Officer</div>
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            <div style="font-weight: bold;">Date:</div>
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            <div>11/07/2025</div>
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          <td style="width: 39.8%; vertical-align: top;">&#160;</td>
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            <div style="font-weight: bold;">Xavier Majic</div>
            <div>&#160;</div>
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            <div style="font-weight: bold;">Signature:</div>
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            <div>/s/ Xavier Majic</div>
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            <div>Xavier Majic</div>
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            <div>11/07/2025</div>
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