| Item 1. | |
| (a) | Name of issuer:
Algoma Steel Group Inc. |
| (b) | Address of issuer's principal executive offices:
105 West Street, Sault Ste. Marie, Ontario, Canada, P6A 7B4 |
| Item 2. | |
| (a) | Name of person filing:
This Schedule 13G is being filed by Maple Rock Capital Partners Inc. and Xavier Majic (together, the "Reporting Persons"). |
| (b) | Address or principal business office or, if none, residence:
21 St. Clair Avenue East, Suite 1100, Toronto, Ontario, M4T 1L9, Canada |
| (c) | Citizenship:
Maple Rock Capital Partners Inc. is a corporation incorporated under the laws of Canada. Xavier Majic is a citizen of Canada. |
| (d) | Title of class of securities:
Common Shares, no par value |
| (e) | CUSIP No.:
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| 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);
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| (b) | Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
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| (c) | Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
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| (d) | Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
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| (e) |  An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
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| (f) | An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
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| (g) | A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
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| (h) | A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
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| (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);
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| (j) | A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:
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| (k) | Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
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| Item 4. | Ownership |
| (a) | Amount beneficially owned:
Information with respect to the Reporting Persons' ownership of Common Shares as of March 31, 2026, is incorporated by reference to items (5) - (9) of the cover page of the respective Reporting Person. |
| (b) | Percent of class:
Information with respect to the Reporting Persons' percentage ownership of the Common Shares as of March 31, 2026, is incorporated by reference to item (11) of the cover page of the respective Reporting Person.
The percentage of Common Shares beneficially owned by each Reporting Person is determined based on 105,388,619 Common Shares outstanding as of March 31, 2026, as reported in Exhibit 99.3 to the Issuer's current report on Form 6-K filed with the U.S. Securities and Exchange Commission on May 13, 2026. |
| (c) | Number of shares as to which the person has:
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| | (i) Sole power to vote or to direct the vote:
15,930,818
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| | (ii) Shared power to vote or to direct the vote:
0
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| | (iii) Sole power to dispose or to direct the disposition of:
15,930,818
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| | (iv) Shared power to dispose or to direct the disposition of:
0
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| Item 5. | Ownership of 5 Percent or Less of a Class. |
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Not Applicable
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| Item 6. | Ownership of more than 5 Percent on Behalf of Another Person. |
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If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required.
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. |
| Item 7. | Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person. |
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Not Applicable
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| Item 8. | Identification and Classification of Members of the Group. |
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If a group has filed this schedule pursuant to §240.13d-1(b)(1)(ii)(J), so indicate under Item 3(j) and attach an exhibit stating the identity and Item 3 classification of each member of the group. If a group has filed this schedule pursuant to §240.13d-1(c) or §240.13d-1(d), attach an exhibit stating the identity of each member of the group.
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. |
| Item 9. | Notice of Dissolution of Group. |
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Not Applicable
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