Particle.news
Get it on Google Play
Download on the App Store
4 ARTICLES
·
2h ago

Joly Asks Competition Bureau to Probe Cleveland‑Cliffs Over Stelco Purchase Comments

The minister says the CEO’s admission that he bought Stelco to limit Canadian steel in the U.S. could show bad faith and trigger legal action including fines or forced divestiture.

Stelco's Hamilton operations steel production facility is pictured from across the Hamilton Harbour in Burlington, Ont., on Friday, Oct. 9, 2026. THE CANADIAN PRESS/Nick Iwanyshyn
FILE PHOTO: Smoke exits the Stelco Hamilton Works steel mill, owned by Cleveland-Cliffs, in Hamilton, Ontario, Canada, August 24, 2026. REUTERS/Carlos Osorio/File Photo
Industry Minister Mélanie Joly says she is calling for the investigation after what she called the CEO's 'confessions' about the purchase of Stelco.

Overview

  • Industry Minister Mélanie Joly sent a letter on Friday asking the Competition Bureau to investigate whether Cleveland‑Cliffs CEO Lourenco Goncalves’ public remarks about buying Stelco to stop Canadian steel entering the U.S. show bad‑faith conduct under the Competition Act.
  • Joly’s request follows Goncalves’ testimony to a U.S. congressional hearing in January and a CBC interview on Oct. 27 where he said the acquisition aimed to prevent Canadian product from ‘flooding’ the U.S. market.
  • The letter arrived as a 15‑day federal deadline ended for Cleveland‑Cliffs to explain or remedy alleged breaches of binding employment commitments made when it bought Stelco in 2024.
  • Stelco announced on Sept. 28 plans to cut up to 500 jobs because of tariffs, weak demand and import competition, but Cleveland‑Cliffs and the union say 175 layoffs in Hamilton have been confirmed so far and the company calls the cuts temporary.
  • The Competition Bureau reviewed the 2024 deal and issued a no‑action letter then, but the government says these new statements and missed commitments merit fresh review and warns it may sue to seek penalties or force divestiture.