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Algoma Steel Group Warrants provide holders with contractual rights to purchase common shares of Algoma Steel at predetermined exercise prices within specified time periods, issued as part of the company's October 2021 SPAC merger and NASDAQ listing. Each warrant typically allows purchasing one common share by paying the strike price set above the stock price at merger completion, providing leveraged upside exposure if Algoma's stock appreciates substantially following its public market debut. Warrant holders benefit from Algoma's operational improvements, steel market recoveries, and strategic transformation initiatives including its electric arc furnace conversion project without committing full capital required for owning common shares outright. However, warrants carry substantial downside risk including potential total loss if Algoma's stock price remains below the exercise price at warrant expiration, rendering them worthless. The warrants' value fluctuates based on multiple factors including Algoma's stock price relative to the strike price, time remaining until expiration with longer durations commanding higher time value premiums, implied volatility expectations reflecting steel industry cyclicality and company-specific execution risks, and prevailing interest rates affecting discount rates applied to future cash flows. Steel industry cyclicality significantly impacts Algoma's operational performance and stock price, with periods of strong steel demand and elevated pricing driving profitability improvements supporting stock appreciation, while oversupply conditions and weakened demand causing margin compression and stock declines. Warrant investors must assess Algoma's competitive positioning within North American steel markets, execution progress on electric arc furnace transformation providing sustainable cost advantages, and broader industry trends including infrastructure spending, automotive production volumes, and trade policy developments affecting steel imports.