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CP Joly asks Comp Bureau to probe Stelco deal after CEO comments
Joly says Cleveland-Cliffs’ comments and layoffs may breach binding commitments and justify enforcement under the Competition Act, with 175 workers already laid off.
- Industry Minister Mélanie Joly requested the Competition Bureau investigate Cleveland-Cliffs Inc. after CEO Lourenco Goncalves suggested his motives for acquiring Stelco Inc. were anti-competitive.
- Ottawa's 15-day deadline for the parent company to address alleged violations of binding employment commitments ends today, prompting Joly's latest intervention.
- In a recent interview, Goncalves stated he acquired the firm to prevent Canadian steel from 'flooding the market' in the United States, which Joly argues may violate the Competition Act.
- Although Cleveland-Cliffs labeled the layoffs of 175 workers in Hamilton, Ont. as 'temporary,' Joly warned the government may sue the company to enforce its commitments.
- Despite the 2024 'no action' letter from regulators, Joly suggests the Competition Bureau 'may wish to thoroughly examine' whether the parent company's conduct now warrants enforcement action.
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34 Articles
The Toronto Star+27 Reposted by 27 other sources
CP Joly asks Comp Bureau to probe Stelco deal after CEO comments
OTTAWA - Industry Minister Mélanie Joly is asking the Competition Bureau to examine whether Cleveland-Cliffs' rationale for acquiring Stelco Inc. was conducted in bad faith.
·Toronto, Canada
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The Minister of Industry asked the Competition Bureau to investigate the purchase of Stelco by the U.S. consortium Cleveland-Cliffs in 2024.
·Montreal, Canada
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Industry Minister Mélanie Joly asked the Competition Bureau to consider whether the reasons Cleveland-Cliffs had given for Stelco's acquisition were bad faith.
·Montreal, Canada
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Ottawa also requires accounts on employment commitments made at the time of the buy-back.
·Montreal, Canada
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Total News Sources34
Leaning Left22Leaning Right0Center9Last UpdatedBias Distribution71% Left
Bias Distribution
- 71% of the sources lean Left
71% Left
L 71%
C 29%
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