MMCAP International Inc. Reports 12.2% Stake in Algoma Steel Group Inc. via Schedule 13G/A

MMCAP International Inc. SPC, along with its investment manager MM Asset Management Inc., filed a Schedule 13G/A on May 15, 2026, reporting a significant increase in their position in Algoma Steel Group Inc. (ASTL). As of the event date of March 31, 2026, the reporting persons collectively beneficially own 12,845,622 common shares, representing a 12.2% ownership stake in the company. This is a substantial increase from a previously reported 0% position, indicating a new major holding. The shares are held directly by MMCAP International Inc. SPC, a Cayman Islands segregated portfolio company, while MM Asset Management Inc., based in Toronto, serves as the investment adviser with shared voting and dispositive power over the securities. The filing is an amendment (No. 7) and includes a certification that the shares were acquired in the ordinary course of business and not for the purpose of influencing or changing the control of the issuer. The ownership percentage is based on 104,933,802 common shares outstanding as of December 31, 2025.