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U.S. steel CEO's 'confessions' for buying Stelco prompted government to call its lawyers: Industry Minister
Lourenco Goncalves said the company will rely on Canadian steel sales to restore jobs and may recall 175 laid-off workers before Christmas.
- On Wednesday, Industry Minister Mélanie Joly said the federal government is consulting lawyers about remarks by Cleveland-Cliffs CEO Lourenco Goncalves suggesting he acquired Stelco to protect his U.S. operations from Canadian competition.
- The dispute stems from recent layoffs at Stelco's Ontario facilities, where Cleveland-Cliffs faces pressure to meet employment commitments made under the Investment Canada Act during its 2024 acquisition.
- Goncalves clarified that 175 employees were laid off, refuting internal reports of 500, and stated Stelco is not for sale for one year while attempting to restore production and recall staff before Christmas.
- Industry Minister Joly has threatened court action including potential daily fines of up to $10,000, while Liberal MP Lisa Hepfner and Liberal MP Yasir Naqvi criticized the company for allegedly undermining Canadian operations to strengthen its U.S. business.
- United Steelworkers Local 1005 president Ron Wells accused Cleveland-Cliffs of using workers as "pawns," while the company aims to boost domestic sales and recall 175 employees before Christmas to satisfy government conditions for further talks.
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He adds that the company is not for sale, at least for the coming calendar year.
·Montreal, Canada
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Lourenco Goncalves, CEO of Cleveland-Cliffs, says he hopes to re-employ Stelco workers laid off before Christmas.
·Montreal, Canada
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The Toronto Star+3 Reposted by 3 other sources
Stelco owner hopes to recall laid-off workers before Christmas if Canadian sales rise
OTTAWA - Cleveland-Cliffs Inc. CEO Lourenco Goncalves said Wednesday 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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Coverage Details
Total News Sources31
Leaning Left24Leaning Right1Center5Last UpdatedBias Distribution80% Left
Bias Distribution
- 80% of the sources lean Left
80% Left
L 80%
C 17%
Factuality
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