Stelco Posts Strongest Quarter Since Cleveland-Cliffs Takeover Amid Layoffs
The company cited tariffs, imports and weaker demand as it idled parts of its Ontario operations and said laid-off workers will be recalled when conditions improve.
- Late last week, Stelco Holdings laid off 85 employees, following 90 layoff notices issued the previous week, according to union leader Ron Wells, president of United Steelworkers Local 1005.
- President Donald Trump's executive order applying up to 50 per cent tariffs on steel imports prompted the cuts, while Cleveland-Cliffs CEO Lourenco Goncalves blamed an oversupplied market for galvanized steel in Canada.
- While Stelco plans up to 500 total layoffs in Ontario, Wells noted that galvanized steel prices have improved to $1,800 a ton, representing a vast improvement from six months ago.
- Prime Minister Mark Carney and Industry Minister Joly criticized the announcement, arguing the move bolsters Trump's tariff agenda, while the layoffs sparked a clash over Investment Canada Act obligations.
- Cleveland-Cliffs is pivoting toward hot-rolled steel products that have stronger market demand, a strategy aligning with industry trends toward more streamlined, less labour-intensive manufacturing processes.
20 Articles
20 Articles
The Toronto Star
Stelco posts strongest quarter since Cleveland-Cliffs takeover amid layoffs
The chief executive of Cleveland-Cliffs Inc. says Stelco has posted its strongest quarterly results since the Ohio-based company acquired the steelmaker two years ago, even as it moves ahead with
Stelco layoffs part of a broader trend of disappearing jobs in steel industry
While U.S.-owned Stelco insists its plan to lay off up to 500 workers in Hamilton and Nanticoke, Ont., is only a temporary consequence of the Canada-U.S. trade war, new technologies and demand dynamics are working in concert with tariff-related headwinds to compress the industry’s once-robust workforce.
‘Nowadays, you need a lot fewer people’: Laid-off Stelco workers not alone as steel jobs disappear
While U.S.-owned Stelco insists its plan to lay off up to 500 workers in Hamilton and Nanticoke, Ont., is only a temporary consequence of the Canada-U.S. trade war, new technologies and demand dynamics are working in concert with tariff-related headwinds to compress the industry’s once-robust…
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