MMCAP and MM Asset Management disclose 12.2% stake in Algoma Steel (ASTL)

Rhea-AI Filing Summary

Algoma Steel Group Inc. reports institutional ownership disclosure by MMCAP International Inc. SPC and MM Asset Management Inc. The filing states the Reporting Persons share beneficial ownership of 12,845,622 Common Shares, representing 12.2% of the class based on 104,933,802 shares outstanding as of December 31, 2025.

The statement attributes shared voting power of 12,845,622 and shared dispositive power of 12,845,622 to the Reporting Persons and notes the Fund directly owns the shares while the Adviser may be deemed to beneficially own them. The disclosure is dated for the event of March 31, 2026 and signed on May 15, 2026.

Insights

Institutional Ownership Analyst

Institutional holder reports a 12.2% stake in Algoma Steel Group.

The filing lists 12,845,622 shares under shared voting and dispositive power for MMCAP International Inc. SPC and MM Asset Management Inc., using an outstanding base of 104,933,802 shares as of December 31, 2025. This is a straightforward beneficial ownership disclosure on a Schedule 13G/A.

Ownership is shown as held directly by the Fund with the Adviser noted as investment manager; the filing preserves usual disclaimers of beneficial ownership beyond the reported shares. Subsequent filings would show any changes to this position.

Corporate Governance Specialist

Report clarifies voting and disposition are shared, not sole, across the reporting entities.

The cover-page figures indicate 0 sole voting/dispositive power and 12,845,622 shared voting/dispositive power. That structure implies coordinated control through the Fund/Adviser relationship rather than single-person authority.

Signatures from authorized representatives are included and the percentages are computed using the issuer's reported outstanding share count from its Form 40-F. Any governance implications depend on future filings or transactions by the holder.

Key Figures

Shares beneficially owned: 12,845,622 shares Percent of class: 12.2% Shares outstanding (base): 104,933,802 shares

3 metrics

Shares beneficially owned 12,845,622 shares reported as of Event Date March 31, 2026

Percent of class 12.2% based on 104,933,802 shares outstanding as of December 31, 2025

Shares outstanding (base) 104,933,802 shares as of December 31, 2025 (issuer Form 40-F)

Key Terms

Schedule 13G/A, shared dispositive power, beneficially owns

3 terms

Schedule 13G/A regulatory

"This is filed by the following (the "Reporting Persons"):"

A Schedule 13G/A is an amended public filing with the U.S. securities regulator that updates a previous Schedule 13G, disclosing when an individual or group holds a substantial (typically over 5%) stake in a company and is claiming a passive, non‑controlling intent. Investors monitor these updates because rising or falling holdings can signal changing confidence, potential future moves, or shifts in voting power — like watching a public ledger where large shareholders quietly adjust their positions.

shared dispositive power financial

"Shared Dispositive Power 12,845,622.00"

beneficially owns regulatory

"The Fund directly beneficially owns the Common Shares reported in this Statement"

Beneficially owns means a person or entity enjoys the economic benefits and control of a security even if the legal title or registration is held in another name. Think of it like having the keys and profits from a car that is registered to a friend: you use it, benefit from it, and make decisions about it even though the official paperwork lists someone else. For investors, this matters because it reveals who truly controls shares, affects voting power, potential conflicts of interest, and regulatory disclosure obligations.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 7)

Algoma Steel Group Inc.

(Name of Issuer)

Common Shares, no par value

(Title of Class of Securities)

015658107

(CUSIP Number)

03/31/2026

(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)

schemaVersion:

SCHEDULE 13G

CUSIP Number(s): 015658107

1

Names of Reporting Persons

MMCAP International Inc. SPC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

CAYMAN ISLANDS

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 12,845,622.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 12,845,622.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

12,845,622.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

12.2 %

12

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person: segregated portfolio company

SCHEDULE 13G

CUSIP Number(s): 015658107

1

Names of Reporting Persons

MM Asset Management Inc.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

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 0.00
6	Shared Voting Power 12,845,622.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 12,845,622.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

12,845,622.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

12.2 %

12

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Algoma Steel Group Inc.
(b)	Address of issuer's principal executive offices: 105 West Street Sault Ste. Marie, A6, P6A 7B4
Item 2.
(a)	Name of person filing: This Schedule 13G is filed by the following (the "Reporting Persons"): (1) MMCAP International Inc. SPC (the "Fund"); and (2) MM Asset Management Inc. (the "Adviser"). The Fund is a private investment vehicle. The Fund directly beneficially owns the Common Shares reported in this Statement. The Adviser is the investment manager of the Fund. The Adviser may be deemed to beneficially own the Common Shares directly beneficially owned by the Fund. Each Reporting Person disclaims beneficial ownership with respect to any Common Shares other than the Common Shares directly beneficially owned by such Reporting Person.
(b)	Address or principal business office or, if none, residence: The principal business office of the Fund is c/o Mourant Governance Services (Cayman) Limited, 94 Solaris Avenue, Camana Bay, P.O. Box 1348, Grand Cayman, KY1-1108, Cayman Islands. The principal business office of the Adviser is 161 Bay Street, TD Canada Trust Tower Suite 2240, Toronto, ON M5J 2S1 Canada.
(c)	Citizenship: For citizenship or place of organization see Item 4 of the cover page of each Reporting Person.
(d)	Title of class of securities: Common Shares, no par value
(e)	CUSIP No.: 015658107
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)	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)	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). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: See Item 9 on the cover page for each Reporting Person, and Item 2, which information is given as of the close of business on the Event Date of March 31, 2026.
(b)	Percent of class: See Item 11 on the cover page for each Reporting Person. The percentages of beneficial ownership contained herein are based on 104,933,802 Common Shares outstanding as of December 31, 2025, as reported in the Issuer's Form 40-F filed with the SEC on March 12, 2026.
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: See Item 5 on the cover page for each Reporting Person.
	(ii) Shared power to vote or to direct the vote: See Item 6 on the cover page for each Reporting Person.
	(iii) Sole power to dispose or to direct the disposition of: See Item 7 on the cover page for each Reporting Person.
	(iv) Shared power to dispose or to direct the disposition of: See Item 8 on the cover page for each Reporting Person.
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
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.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above 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.

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.

MMCAP International Inc. SPC

Signature:	/s/ Ulla Vestergaard
Name/Title:	Ulla Vestergaard/Director
Date:	05/15/2026

MM Asset Management Inc.

Signature:	/s/ Hillel Meltz
Name/Title:	Hillel Meltz/President
Date:	05/15/2026

FAQ

What stake does MMCAP report in Algoma Steel (ASTL)?

MMCAP reports beneficial ownership of 12,845,622 Common Shares, which the filing states equals 12.2% of the class using 104,933,802 shares outstanding as of December 31, 2025.

Who holds the reported shares for MMCAP in ASTL?

The filing states the shares are directly owned by MMCAP International Inc. SPC (the Fund), with MM Asset Management Inc. as the Fund's investment manager potentially deemed to beneficially own the same shares.

What voting and disposition powers are reported?

The cover page shows 0 sole voting power and 0 sole dispositive power, with 12,845,622 shared voting and 12,845,622 shared dispositive power attributed to the Reporting Persons.

What event date and filing signatures are shown in the 13G/A?

The ownership figures are reported as of March 31, 2026 and the amendment is signed by authorized representatives on May 15, 2026, per the filing's signature block.