SCHEDULE 13G/A: MMCAP International and MM Asset Management Disclose 6.3% Passive Stake in Algoma Steel Group

MMCAP International Inc. SPC and MM Asset Management Inc. have jointly reported a 6.3% beneficial ownership stake in Algoma Steel Group Inc., totaling 6,641,417 common shares, as a passive investment.

Summary

• MMCAP International Inc. SPC (the "Fund") and MM Asset Management Inc. (the "Adviser") have filed an Amendment No. 2 to Schedule 13G regarding their beneficial ownership in Algoma Steel Group Inc.
• The Reporting Persons collectively beneficially own 6,641,417 Common Shares of Algoma Steel Group Inc.
• This ownership represents 6.3% of Algoma Steel Group Inc.'s outstanding Common Shares.
• The percentage is calculated based on 104,858,802 Common Shares outstanding as of December 31, 2024, as reported in the Issuer's Form 40-F filed on March 13, 2025.
• Both the Fund and the Adviser share voting power and dispositive power over the 6,641,417 shares.
• The filing certifies that the securities were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer, indicating a passive investment.

Sentiment

Score: 5

Explanation: The document is a factual disclosure of beneficial ownership, which is neutral in sentiment. It does not contain performance data or forward-looking statements that would indicate a positive or negative outlook.

Positives

• The disclosure of a significant 6.3% stake by an institutional investor like MMCAP International Inc. SPC may be interpreted as a sign of investor confidence in Algoma Steel Group Inc.'s long-term prospects.

Negatives

• The document, being a beneficial ownership report, does not contain any negative information regarding Algoma Steel Group Inc.'s operational performance or financial health.

Future Outlook

This Schedule 13G filing is a disclosure of beneficial ownership and does not provide any forward-looking statements or guidance from Algoma Steel Group Inc. or the reporting entities regarding the issuer's future outlook.

Industry Context

Algoma Steel Group Inc. operates within the steel industry. This filing primarily concerns a change in beneficial ownership by an investment firm and does not provide specific insights into broader industry trends or competitive dynamics beyond identifying the issuer's sector.

Stakeholder Impact

• Shareholders: The disclosure of a significant passive stake by an institutional investor provides transparency regarding the company's ownership structure and may influence investor perception.

Key Dates

Keywords

Algoma Steel Group Inc., Common Shares, Schedule 13G, Beneficial Ownership, MMCAP International Inc. SPC, MM Asset Management Inc., Steel Industry, Investment, SEC Filing