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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Name of Issuer)

(Title of Class of Securities)

(CUSIP Number)

(Date of Event Which Requires Filing of this Statement)

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

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13D/A 0001658363 XXXXXXXX LIVE 2 Common Shares, no par value 08/12/2025 false 0001860805 015658107 Algoma Steel Group Inc. 105 West Street Sault Ste. Marie A6 P6A 7B4 Stephen D. Lane (416) 619-0705 21 St. Clair Avenue East Suite 1100 Toronto A6 M4T 1L9 0001658363 Maple Rock Capital Partners Inc. AF A6 0 10430818 0 10430818 10430818 N 9.9 IA 0001943120 Majic Xavier AF Z4 0 10430818 0 10430818 10430818 N 9.9 IN HC Common Shares, no par value Algoma Steel Group Inc. 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 3 of the Schedule 13D is hereby amended and supplemented as follows: A total of approximately $14.9 million was paid to acquire the Common Shares purchased since the filing of Amendment No. 1. 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. 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. 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. 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. 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. Maple Rock Capital Partners Inc. /s/ Stephen D. Lane Stephen D. Lane, Chief Financial Officer 08/14/2025 Majic Xavier /s/ Xavier Majic Xavier Majic 08/14/2025