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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549 |
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 1)
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Algoma Steel Group Inc. (Name of Issuer) |
Common Shares, no par value (Title of Class of Securities) |
015658107 (CUSIP Number) |
Stephen D. Lane 21 St. Clair Avenue East, Suite 1100 Toronto, A6, M4T 1L9 (416) 619-0705 (Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications) |
05/01/2025 (Date of Event Which Requires Filing of This Statement) |
If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.
The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the
Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other
provisions of the Act (however, see the Notes).
SCHEDULE 13D
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| CUSIP No. | 015658107 |
| 1 |
Name of reporting person
Maple Rock Capital Partners Inc. | ||||||||
| 2 | Check the appropriate box if a member of a Group (See Instructions)
 (a)
(b)
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| 3 | SEC use only | ||||||||
| 4 |
Source of funds (See Instructions)
AF | ||||||||
| 5 |
Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)
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| 6 | Citizenship or place of organization
ONTARIO, CANADA
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| Number of Shares Beneficially Owned by Each Reporting Person With: |
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| 11 | Aggregate amount beneficially owned by each reporting person
7,552,617.00 | ||||||||
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)
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| 13 | Percent of class represented by amount in Row (11)
7.2 % | ||||||||
| 14 | Type of Reporting Person (See Instructions)
IA |
SCHEDULE 13D
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| CUSIP No. | 015658107 |
| 1 |
Name of reporting person
Majic Xavier | ||||||||
| 2 | Check the appropriate box if a member of a Group (See Instructions)
(a)
(b)
| ||||||||
| 3 | SEC use only | ||||||||
| 4 |
Source of funds (See Instructions)
AF | ||||||||
| 5 |
Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)
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| 6 | Citizenship or place of organization
CANADA (FEDERAL LEVEL)
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| Number of Shares Beneficially Owned by Each Reporting Person With: |
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| 11 | Aggregate amount beneficially owned by each reporting person
7,552,617.00 | ||||||||
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)
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| 13 | Percent of class represented by amount in Row (11)
7.2 % | ||||||||
| 14 | Type of Reporting Person (See Instructions)
IN, HC |
SCHEDULE 13D
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| 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,
ONTARIO, CANADA
, P6A 7B4. | |
Item 1 Comment:
Pursuant to Rule 13d-2 of the Act, this Amendment No. 1 to the Schedule 13D ("Amendment No. 1") amends certain items of the Schedule 13D filed with the Commission on October 25, 2024 (the "Original Schedule 13D" and, together with this Amendment No. 1, 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. 1 does not modify any of the information previously reported in the Schedule 13D. | ||
| Item 3. | Source and Amount of Funds or Other Consideration | |
Item 3 of the Schedule 13D is hereby amended and supplemented as follows:
A total of approximately $8.3 million was paid to acquire the Common Shares purchased since the filing of the Original Schedule 13D.
The Reporting Person 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.
The source of the funds used to acquire the Common Shares purchased since the filing of the Original Schedule 13D was the working capital of the Master Fund. | ||
| 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 7,552,617 Common Shares held directly by the Master Fund, which amount represents approximately 7.2% of the Common Shares outstanding. The percentage reported herein is based on 104,933,802 Common Shares outstanding as of March 31, 2025, as reported in Exhibit 99.3 to the Issuer's current report on Form 6-K filed with the Commission on April 30, 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 7,552,617 Common Shares. | |
| (c) | Item 5(c) of the Schedule 13D is hereby amended and supplemented as follows:
On March 10, 2025, the Master Fund purchased 285,800 Common Shares in multiple open market transactions at prices ranging from $5.49 to $5.595, inclusive. The weighted average purchase price for the transactions was $5.5626 per Common Share.
On March 11, 2025, the Master Fund purchased 187,687 Common Shares in multiple open market transactions at prices ranging from $5.20 to $5.45, inclusive. The weighted average purchase price for the transactions was $5.3832 per Common Share.
On March 12, 2025, the Master Fund purchased 224,422 Common Shares in multiple open market transactions at prices ranging from $5.80 to $6.11, inclusive. The weighted average purchase price for the transactions was $5.9916 per Common Share.
On March 13, 2025, the Master Fund purchased 310,000 Common Shares in multiple open market transactions at prices ranging from $5.625 to $6.27, inclusive. The weighted average purchase price for the transactions was $6.0703 per Common Share.
On April 30, 2025, the Master Fund purchased 101,219 Common Shares in multiple open market transactions at prices ranging from $4.91 to $5.20, inclusive. The weighted average purchase price for the transactions was $5.048 per Common Share.
On May 1, 2025, the Master Fund purchased 100,832 Common Shares in multiple open market transactions at prices ranging from $5.09 to $5.415, inclusive. The weighted average purchase price for the transactions was $5.3438 per Common Share.
On May 2, 2025, the Master Fund purchased 50,994 Common Shares in multiple open market transactions at prices ranging from $5.505 to $5.815, inclusive. The weighted average purchase price for the transactions was $5.713 per Common Share.
On May 5, 2025, the Master Fund purchased 199,572 Common Shares in multiple open market transactions at prices ranging from $5.58 to $5.78, inclusive. The weighted average purchase price for the transactions was $5.6343 per Common Share.
Except as set forth above, none of the Reporting Persons have engaged in any transaction with respect to the Common Stock during the 60 days prior to the date of filing of this Amendment No. 1. | |
| 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.
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