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Industry Minister Mélanie Joly said Ottawa will use “every tool in the toolbox” if Stelco, owned by Ohio-based Cleveland-Cliffs, goes ahead with 500 layoffs stemming from its decision to idle part of its Hamilton Works steel plant in Ontario. (The Logic)
Talking point: This is an escalation from the Liberal government, which has already threatened legal action against Cleveland-Cliffs, arguing the company was reneging on the commitments it made through the Investment Canada Act when it acquired Stelco in 2024. “They must keep the jobs in Canada, or face the prospect of having to sell their Canadian assets,” Joly said Friday in a speech to the Canadian Club. Speaking more broadly about the Canadian steel sector, which has been hammered by U.S. tariffs, Joly said Ottawa is ready to step in with financing to support it “and even take equity positions to do that.” On Thursday, Cleveland-Cliffs CEO Lourenco Goncalves called Joly’s warnings “bullying and harassment” and suggested acting this way would thwart Ottawa’s efforts to attract foreign investment.
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