SCHEDULE: Zekelman, Atlas Tube Exit Algoma Steel 5% Stake

Zekelman Industries and Atlas Tube Canada have filed an exit amendment, ceasing to be beneficial owners of more than 5% of Algoma Steel Group Inc. common shares.

Summary

• Zekelman Industries, Inc. and Atlas Tube Canada ULC have filed Amendment No. 1 to their Schedule 13D, which serves as an "exit filing."
• As of September 10, 2025, the Reporting Persons ceased to be beneficial owners of more than five percent (5%) of Algoma Steel Group Inc.'s Common Shares.
• The Reporting Persons now collectively beneficially own 3,229,998 Common Shares.
• This represents 3.08% of the Issuer's Common Shares, based on 104,933,802 shares outstanding as of July 17, 2025.
• All transactions in the Issuer's securities by the Reporting Persons during the past sixty days were effected directly by Atlas Tube Canada ULC.

Sentiment

Score: 5

Explanation: The filing is a procedural disclosure of a change in beneficial ownership, indicating Zekelman Industries and Atlas Tube Canada ULC have reduced their stake in Algoma Steel Group Inc. below the 5% threshold. This is a factual event rather than a positive or negative performance indicator.

Positives

• The filing provides clear transparency regarding the change in ownership structure, fulfilling regulatory disclosure requirements.

Negatives

• A significant shareholder reducing their stake below the 5% threshold could be interpreted as a decrease in conviction or a strategic divestment, potentially signaling a less favorable outlook from that specific investor.

Future Outlook

NA

Industry Context

This filing is a specific disclosure of a change in beneficial ownership for Algoma Steel Group Inc. It does not provide broader industry trends or competitor analysis. Changes in major shareholder positions can sometimes reflect broader sentiment within the steel industry, but this document does not offer such analysis.

Stakeholder Impact

• Shareholders: Existing shareholders may interpret the reduction in a significant investor's stake as a signal, potentially influencing their perception of the company's future prospects or valuation.
• Company Management: The company's management will need to consider the implications of a reduced stake from a former significant beneficial owner, potentially impacting strategic discussions or investor relations.

Key Dates

Recommendation

This filing is a procedural disclosure of a significant shareholder reducing their stake below the 5% threshold. While it indicates a change in a major investor's position, it does not provide new fundamental financial or operational data to warrant a strong buy or sell recommendation. Investors should consider this information in the context of Algoma Steel Group Inc.'s broader financial performance, industry outlook, and other market factors. Without additional context, a "hold" recommendation is appropriate, advising investors to maintain their current position while seeking further information.

Keywords

Algoma Steel Group Inc., Zekelman Industries, Atlas Tube Canada, Schedule 13D/A, Beneficial Ownership, Exit Filing, Common Shares, Shareholder, Ownership Change