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    SEC Form SC 13G/A filed by Algoma Steel Group Inc. (Amendment)

    2/14/24 4:31:02 PM ET
    $ASTL
    Steel/Iron Ore
    Industrials
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    SC 13G/A 1 maplerock-astl123123a1.htm



     

    UNITED STATES

    SECURITIES AND EXCHANGE COMMISSION
    Washington, DC 20549

     

    SCHEDULE 13G/A

     

    Under the Securities Exchange Act of 1934

    (Amendment No. 1)*



    ALGOMA STEEL GROUP INC.

    (Name of Issuer)

     

    Common Shares, no par value

    (Title of Class of Securities)

     

    015658107

    (CUSIP Number)

     

     

    December 31, 2023
    (Date of Event Which Requires Filing of this Statement)

     

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

     

    x Rule 13d-1(b)

    o Rule 13d-1(c)

    o Rule 13d-1(d)

     

     

    *The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosures provided in a prior cover page.

     

    The information required in 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).

     


     

    CUSIP No.  015658107
     SCHEDULE 13G/A
    Page 2 of 8 Pages

     

             
    1
    NAME OF REPORTING PERSONS
     
    Maple Rock Capital Partners Inc.
    2
    CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
    (a) o
    (b) o
     
    3
    SEC USE ONLY
     
     
    4
    CITIZENSHIP OR PLACE OF ORGANIZATION
     
    Ontario, Canada
    NUMBER OF
    SHARES
    BENEFICIALLY
    OWNED BY
    EACH
    REPORTING
    PERSON
    WITH
    5
    SOLE VOTING POWER
     
    6,092,091
    6
    SHARED VOTING POWER
     
    0
    7
    SOLE DISPOSITIVE POWER
     
    6,092,091
    8
    SHARED DISPOSITIVE POWER
     
    0
    9
    AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
     
    6,092,091
    10
    CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
     
     
    o
    11
    PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
     
    5.88%
    12
    TYPE OF REPORTING PERSON
     
    IA

     


     

    CUSIP No.  015658107
     SCHEDULE 13G/A
    Page 3 of 8 Pages

     

             
    1
    NAME OF REPORTING PERSONS
     
    Xavier Majic
    2
    CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
    (a) o
    (b) o
     
    3
    SEC USE ONLY
     
     
    4
    CITIZENSHIP OR PLACE OF ORGANIZATION
     
    Canada
    NUMBER OF
    SHARES
    BENEFICIALLY
    OWNED BY
    EACH
    REPORTING
    PERSON
    WITH
    5
    SOLE VOTING POWER
     
    6,092,091
    6
    SHARED VOTING POWER
     
    0
    7
    SOLE DISPOSITIVE POWER
     
    6,092,091
    8
    SHARED DISPOSITIVE POWER
     
    0
    9
    AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
     
    6,092,091
    10
    CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
     
     
    o
    11
    PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
     
    5.88%
    12
    TYPE OF REPORTING PERSON
     
    IN, HC

     


     

     

    CUSIP No. 015658107
     SCHEDULE 13G/A
    Page 4 of 8 Pages

     

    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

     P6A 7B4, Canada 

    Item 2.(a, b, c) Names of Person Filing, Address of Principal Business Office, Citizenship:

    Maple Rock Capital Partners Inc., 21 St. Clair Avenue East, Suite 1100 - Toronto, A6 M4T 1L9 - Canada.

    Xavier Majic, 21 St. Clair Avenue East, Suite 1100 - Toronto, A6 M4T 1L9 - Canada.

      

    Item 2.(d) Title of Class of Securities

    Common Shares, no par value

     

    Item 2.(e) CUSIP No.:

    015658107

     

    CUSIP No.  015658107
     SCHEDULE 13G/A
    Page 5 of 8 Pages

     

     

    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);
     
      (k) ¨ A group, in accordance with §240.13d-1(b)(1)(ii)(K). If filing as a non-U.S. institution in accordance with §240.13d-1(b)(1)(ii)(J), please specify the type of institution:                            
           

     

    CUSIP No. 015658107
     SCHEDULE 13G/A
    Page 6 of 8 Pages

     

     

    Item 4. Ownership

    Information with respect to the Reporting Persons' ownership of the Common stock as of December 31, 2023, is incorporated by reference to items (5) - (9) and (11) of the cover page of the respective Reporting Person.

    The amount beneficially owned by each Reporting Person is determined based on 103,603,263 shares of Common stock outstanding as of September 30, 2023, as the Issuer reported in its 6-K, Exhibit 99.2 filed with the SEC on November 3, 2023.

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

    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 Five Percent on Behalf of Another Person

    Maple Rock Capital Partners Inc. (the "Manager") is an SEC-registered investment advisor whose client 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 which Acquired the Security Being Reported on by the Parent Holding Company or Control Person

    Not Applicable.

    Item 8. Identification and Classification of Members of the Group

    The Reporting Persons are filing this SCHEDULE 13G/A 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 stock except to the extent of that Reporting Person's 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.

     

     
    CUSIP No. 015658107
     SCHEDULE 13G/A
    Page 7 of 8 Pages

     

     

    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.

     

    Dated: February 14, 2024

     

     

     

     

    Maple Rock Capital Partners, Inc.

           
      By:  /s/ Stephen D. Lane
        Stephen D. Lane, Chief Financial Officer
           
     

           
      By:  /s/ Xavier Majic
        Xavier Majic
           

     

     
    CUSIP No. 015658107
     SCHEDULE 13G/A
    Page 8 of 8 Pages

     

    Exhibit I

     

    JOINT FILING STATEMENT

     

    PURSUANT TO RULE 13d-1(k)

     

    The undersigned hereby agree that each of them is individually eligible to use the SCHEDULE 13G/A to which this Exhibit I is attached, and such SCHEDULE 13G/A is filed on behalf of each of them; and each of them is responsible for the timely filing of such SCHEDULE 13G/A 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.

     

    Dated: February 14, 2024

     

     

    Maple Rock Capital Partners, Inc.

           
      By:  /s/ Stephen D. Lane
        Stephen D. Lane, Chief Financial Officer
           

           
      By:  /s/ Xavier Majic
        Xavier Majic
           
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