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U.S. steel CEO's 'confessions' for buying Stelco prompted government to call its lawyers: Industry Minister
Goncalves said Cleveland-Cliffs expects Canadian demand to recover jobs and that 175 workers were laid off, not 500, despite Stelco warnings.
- On Wednesday, Cleveland-Cliffs Inc. CEO Lourenco Goncalves stated he hopes to rehire laid-off Stelco workers before Christmas by increasing purchases of Canadian-made steel to restore jobs in Ontario.
- Goncalves disputes the layoff count, saying it "was never 500" but rather 175, contradicting an internal Stelco letter from Sept. 28 warning up to 500 workers at Hamilton Works and Lake Erie Works could be affected.
- Industry Minister Joly faced criticism from Goncalves for publicly discussing potential buyers for Stelco, with the CEO claiming such comments discourage foreign investment in Canada.
- The Cleveland-Cliffs executive confirmed Stelco is not for sale for at least the next calendar year, expressing frustration with government officials publicly speculating about the company's future.
- Cleveland-Cliffs had expected higher demand for cold-rolled and galvanized steel in Canada when it acquired Stelco in 2024, but that anticipated demand has not materialized, forcing operational adjustments.
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Lourenco Goncalves, CEO of Cleveland-Cliffs, says he hopes to re-employ Stelco workers who were laid off before Christmas if a plan to increase sales in Canada is successful.
·Montreal, Canada
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Government called its lawyers after U.S. steel CEO's 'confessions' over why he bought Stelco, Joly says
Canada's industry minister says she called the department's lawyers after the head of Stelco's American parent company told CBC News that he only bought the Hamilton steelmaker to stop it undercutting his production facilities in the U.S.
·Ottawa, Canada
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Global News+13 Reposted by 13 other sources
Stelco owner hopes to recall laid-off steelworkers before Christmas
Cleveland-Cliffs Inc. CEO Lourenco Goncalves says he hopes to bring back laid-off Stelco workers before Christmas if a plan to increase Canadian sales succeeds.
·Toronto, Canada
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Total News Sources23
Leaning Left20Leaning Right0Center2Last UpdatedBias Distribution91% Left
Bias Distribution
- 91% of the sources lean Left
91% Left
L 91%
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