Cleveland-Cliffs asserts Stelco meets all Investment Canada Act duties, seeks meeting with Minister Joly
Cleveland-Cliffs says its Canadian steel unit Stelco is fully complying with Investment Canada Act obligations and has asked Minister Mélanie Joly for talks on reinstating 175 laid-off workers.
Industry Minister Mélanie Joly issued a 15-day order to Cleveland-Cliffs to reverse planned layoffs at its Canadian subsidiary Stelco, threatening legal action if the company fails to honor its Investment Canada Act commitments. In response, Cleveland-Cliffs announced that a thorough audit confirmed full compliance with all 34 undertakings tied to its 2024 purchase, including the employment obligations. The firm had warned that up to 500 jobs could be cut as it idles part of the Hamilton plant, citing U.S. steel tariffs and market pressures.
Nevertheless, CEO Lourenço Gonçalves said the third quarter was the strongest since the acquisition and that the company wants to discuss restoring the 175 workers currently on temporary layoff. He has asked for a meeting with Minister Joly, noting she has not yet responded, and called for a pragmatic trade policy to address the issue.
Why it matters
The dispute tests Canada's foreign-investment rules and could affect hundreds of jobs at a key steel plant.
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