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Industry Minister Presses Stelco’s U.S. Owner to Present Job-Saving Plan in 5 Days
Ottawa is demanding a compliance plan after Cleveland-Cliffs said it would lay off up to 500 Stelco workers and shut its galvanized steel business.
- On Monday, Industry Minister Mélanie Joly expressed "extreme disappointment" in a letter to Stelco president Paul Simon, demanding Cleveland-Cliffs provide a compliance plan within five days under the Investment Canada Act.
- Cliffs announced last week it intends to lay off up to 500 workers at the Hamilton-based steel plant, blaming the decision on an inability to sell into the U.S. market due to 50-per-cent tariffs.
- Federal approval for the $3.4-billion acquisition of Stelco Holdings Inc. in 2024 included binding conditions that Joly stated do not expire simply because "business strategy or market conditions have changed."
- If Cleveland-Cliffs fails to comply, Ottawa may pursue legal action under the Act, which provides remedies including court-ordered compliance, monetary penalties, or divestiture of the steelmaker.
- The Cleveland-Cliffs CEO questioned the logic of potential litigation, stating she trusts "such steps will not be necessary" as the company navigates ongoing market pressures.
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25 Articles
Ckpg Today+4 Reposted by 4 other sources
Industry minister presses Stelco’s U.S. owner to present job-saving plan in 5 days
OTTAWA — The federal government is turning up the heat on the U.S. owner of Stelco Holdings Inc. over impending layoffs at the Hamilton-based steel plant. Industry Minister Mélanie Joly sent a letter to Stelco president Paul Simon on Monday laying out ...
·Prince George, Canada
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Winnipeg Free Press+15 Reposted by 15 other sources
Industry minister presses Stelco's U.S. owner to present job-saving plan in 5 days
OTTAWA - The federal government is turning up the heat on the U.S. owner of Stelco Holdings Inc. over impending layoffs at the Hamilton-based steel plant.
·Winnipeg, Canada
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Canadian Minister of Industry Melanie Joly threatened to sue the U.S. company Cleveland-Cliffs, owner of the Stelco steelworks in Hamilton.
·Montreal, Canada
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Total News Sources25
Leaning Left13Leaning Right0Center10Last UpdatedBias Distribution57% Left
Bias Distribution
- 57% of the sources lean Left
57% Left
L 57%
C 43%
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