SCHEDULE 13G/A 0001658363 XXXXXXXX LIVE 1 Common Shares, no par value 10/31/2025 0001860805 Algoma Steel Group Inc. 015658107 105 West Street Sault Ste. Marie A6 P6A 7B4 Rule 13d-1(b) Maple Rock Capital Partners Inc. Z4 13993930 0 13993930 0 13993930 N 13.3 IA Xavier Majic Z4 13993930 0 13993930 0 13993930 N 13.3 IN HC Algoma Steel Group Inc. 105 West Street, Sault Ste. Marie, Ontario, Canada, P6A 7B4 This Schedule 13G is being filed by Maple Rock Capital Partners Inc. and Xavier Majic (together, the "Reporting Persons"). 21 St. Clair Avenue East, Suite 1100, Toronto, Ontario, M4T 1L9, Canada Maple Rock Capital Partners Inc. is a corporation incorporated under the laws of Canada. Xavier Majic is a citizen of Canada. N IA HC Information with respect to the Reporting Persons' ownership of Common Shares as of the date hereof is incorporated by reference to items (5) - (9) of the cover page of the respective Reporting Person. Information with respect to the Reporting Persons' percentage ownership of the Common Shares as of the date hereof 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 104,933,802 Common Shares outstanding as of September 30, 2025, as reported in Exhibit 99.4 to the Issuer's current report on Form 6-K filed with the U.S. Securities and Exchange Commission on October 30, 2025. 13,993,930 0 13,993,930 0 Y N 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. Y N 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. Y N By signing below I certify that, to the best of my knowledge and belief, 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. Exhibit 1: Joint Filing Agreement, dated November 7, 2025 Maple Rock Capital Partners Inc. /s/ Stephen D. Lane 11/07/2025 Xavier Majic /s/ Xavier Majic 11/07/2025