Carney Warns Cleveland-Cliffs Over Stelco Commitments

Prime Minister Mark Carney stated that failing to uphold the agreements made during the purchase of Stelco would be an error by Cleveland-Cliffs Inc. Speaking in Montreal, Carney chose not to address potential forced sale measures due to an ongoing legal process.

Industry Minister Mélanie Joly increased pressure on the steel company by dismissing its recent compliance report as inadequate. Joly stated she will not meet with the chief executive of Cleveland-Cliffs until all laid-off employees are immediately recalled.

The U.S.-based company bought Stelco in 2024 under legally binding Investment Canada Act terms to protect employment levels for most salaried and unionized workers over a five-year period. Following announcements of operational reductions affecting up to 500 positions, the company noted that 175 workers are currently laid off due to U.S. tariffs, weak demand, and foreign steel competition.

Chief Executive Lourenco Goncalves expressed hope that all 175 affected individuals could return to work prior to Christmas if domestic sales initiatives succeed.