SCHEDULE: Maple Rock Capital Discloses 13.3% Stake in Algoma Steel

Maple Rock Capital Partners Inc. and Xavier Majic have jointly reported a beneficial ownership of 13.3% of Algoma Steel Group Inc.'s common shares.

Summary

• Maple Rock Capital Partners Inc. and Xavier Majic (the "Reporting Persons") have filed a Schedule 13G, Amendment No. 1, disclosing their beneficial ownership in Algoma Steel Group Inc.
• The Reporting Persons collectively beneficially own 13,993,930 common shares of Algoma Steel Group Inc.
• This ownership represents 13.3% of the total common shares outstanding, based on 104,933,802 shares as of September 30, 2025.
• Both Maple Rock Capital Partners Inc. and Xavier Majic hold sole voting power and sole dispositive power over all 13,993,930 shares.
• Maple Rock Capital Partners Inc. is an SEC-registered investment advisor, and Xavier Majic is its Chief Investment Officer.
• The shares were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing the control of Algoma Steel Group Inc.

Sentiment

Score: 5

Explanation: This filing is a standard disclosure of beneficial ownership and does not contain performance or forward-looking statements from the issuer, thus maintaining a neutral sentiment.

Positives

• A significant institutional investment by Maple Rock Capital Partners Inc. and Xavier Majic, representing 13.3% of outstanding shares, indicates a substantial vote of confidence in Algoma Steel Group Inc.
• The investment is stated to be in the ordinary course of business and not for control purposes, suggesting a passive, potentially long-term holding by a reputable investment advisor.

Negatives

• No specific negatives related to Algoma Steel Group Inc. are disclosed in this beneficial ownership filing.

Risks

• No specific risks related to Algoma Steel Group Inc. are disclosed in this beneficial ownership filing.

Future Outlook

NA

Management Comments

• 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, other than activities solely in connection with a nomination under ?? 240.14a-11.

Industry Context

The steel industry is a cyclical and capital-intensive sector. A substantial passive investment by a Canadian investment firm like Maple Rock Capital Partners Inc. in Algoma Steel, a Canadian steel producer, suggests a long-term view on the company's prospects within this sector, potentially indicating confidence in its operational stability or future market position.

Stakeholder Impact

• Shareholders: Provides transparency regarding a significant institutional investor's stake, which can influence market perception and liquidity.
• Management: Awareness of a substantial passive investor holding a significant portion of the company's shares.

Key Dates

Keywords

Algoma Steel Group Inc., Maple Rock Capital Partners Inc., Xavier Majic, Schedule 13G, beneficial ownership, common shares, steel industry, investment advisor