04:19 PM EDT, 09/06/2024 (MT Newswires) -- Canadian billionaire Barry Zekelman isn't ruling out a takeover of Algoma Steel Group Inc. ( ASTL ) as he weighs several options after his privately held steel products company recently took an equity stake in the venerable Canadian steel maker, The Globe and Mail newspaper is reporting Friday.

Chicago-based Zekelman Industries in late July revealed in a 13D filing with the U.S. Securities and Exchange Commission that it amassed a 5% stake in Sault Ste. Marie, Ont.-based Algoma. Such filings are required for activist as opposed to passive investors. In the filing, Zekelman Industries said it may engage with management and the board, or other shareholders about "potential business combinations, dispositions or other transactions."

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