4 result(s) for “Steel”
Cleveland-Cliffs says Stelco contributed positively to its third quarter, but the U.S. steelmaker is idling lines and cutting hundreds of jobs in Hamilton and Nanticoke. The federal government says the layoffs may breach undertakings tied to the 2024 acquisition and is demanding a plan to protect Canadian jobs.
The federal government has given Cleveland-Cliffs five days to explain how it will meet employment commitments tied to its 2024 purchase of Stelco, after the U.S. owner pressed ahead with layoffs at the Hamilton steelworks. The company’s CEO said he is prepared to fight in court, raising the prospect of a high stakes legal and political battle over foreign investment commitments and Canadian industrial policy.
Stelco says it will proceed with scheduled layoffs at its Hamilton operations, prompting Industry Minister Melanie Joly to warn Cleveland-Cliffs that the federal government may seek legal remedies under the Investment Canada Act if job commitments are not met.
Stelco began issuing layoff notices on October 9, 2026, as its U.S. owner, Cleveland-Cliffs, idles operations at the Hamilton plant. The federal government has given the company days to explain how it will meet employment commitments tied to its 2024 purchase, raising the prospect of enforcement under the Investment Canada Act.