Cleveland-Cliffs will recall all 175 laid-off Stelco workers in Hamilton, Ontario by Dec. 1 — a move that defuses a tense standoff with the Canadian government, which had threatened legal action over the company's employment commitments made during its $2.4B acquisition. The resolution came after customers pledged support for the Hamilton plant, even as Cleveland-Cliffs maintains Ottawa hasn't fully addressed tariff relief gaps.

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Canada's industry minister says she called the department's lawyers after the head of Stelco's American parent company told CBC News that he only bought the Hamilton steelmaker to stop it undercutting...

Canada's Industry Minister Mélanie Joly confirmed that she contacted the government's legal team following statements made by Cleveland-Cliffs CEO Lourenco Goncalves regarding the acquisition of Stelco. The CEO told CBC's Power & Politics that he purchased the Hamilton-based steel company to prevent it from undercutting his U.S. production facilities, stating, 'I bought Stelco because I could not afford anymore having Stelco flooding the market here in the United States to the detriment of my own company.' The minister's comments come amid an ongoing dispute between the Canadian government and Cleveland-Cliffs over recent layoffs at Stelco. The government had demanded that the company reverse its layoffs or face potential legal action, with Joly warning that failure to comply could lead to financial penalties or a court-ordered divestment. In a letter to the company, Joly emphasized that Cleveland-Cliffs must maintain unionized Stelco employment levels at 2024 figures through 2029, as stipulated under the Investment Canada Act. Goncalves, however, maintains that the company is in 'full compliance' with its obligations and has taken exception to the idea of divesting from Stelco, stating, 'the company is not for sale,' though he indicated he plans to sell it after operating it for a period. He also expressed frustration with the Canadian government, saying, 'Give me another year. I'll make money, sell the company.… [The] minister of industry is not a realtor of companies, and if she is, go sell some other company.' The CEO's remarks have intensified the standoff, with Joly noting that the 'last words by the president of Stelco definitely made us contact our lawyers to see what could be the consequences of such confessions.' The government is now considering legal remedies, including potential penalties or forced divestment, should Cleveland-Cliffs fail to honor its commitments. The situation highlights the complexities of foreign ownership in critical industries and the government's willingness to enforce compliance with investment agreements.

Cleveland-Cliffs swung from a $134M loss to $165M in net income in a single quarter, beating profit estimates as steel prices and shipments both rose. With Q4 EBITDA guidance of ~$715M and a bold $4B+ target for 2027, the steelmaker is betting big on a favorable trade environment — even as a political standoff with Canada over Stelco layoffs heats up.

Cleveland-Cliffs swung from a $134M loss to $165M in net income in a single quarter, beating profit estimates as steel prices and shipments both rose. With Q4 EBITDA guidance of ~$715M and a bold $4B+ target for 2027, the steelmaker is betting big on a favorable trade environment — even as a political standoff with Canada over Stelco layoffs heats up.

Mélanie Joly avertit Cleveland-Cliffs de respecter ses engagements d’emploi sous peine de voir ses actifs canadiens vendus.

Company says in letter it is not violating Investment Canada Act commitments

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