TAKE THE MILL: Canada threatens takeover, U.S. owner says “Go for it”

Canada has required that it be shut down by 2029 for “Environmental Reasons” anyway.

There is no business case for continuing to lose money at STELCO with China dumping much cheaper steel into Canada.

Industry Minister Melanie Joly has written to the President of Stelco, warning them that the up to 500 layoffs in Hamilton constitutes a breach of their 2024 agreement with the federal government to maintain unionized employment until 2029.

She is giving the company five days to… pic.twitter.com/zBmLD67NDD

— Mackenzie Gray (@Gray_Mackenzie) October 6, 2026

Cleveland-Cliffs CEO Lourenco Goncalves says he tried to reach Prime Minister @MarkJCarney, but "he never really talked to me."

Carney insists "there's money on the table" for 350 laid-off Hamilton workers. Goncalves says without U.S. exports, "there's nothing we can do,… pic.twitter.com/gHNyiIUffu

— TrendingPolitics.ca (@TrendPolCa) September 30, 2026

Ottawa Gives Stelco’s U.S. Owner 5 Days to Share Plan to Keep Jobs or Face Legal Action

Industry Minister Mélanie Joly escalated the dispute by issuing a strict 5-day ultimatum to Cleveland-Cliffs under the Investment Canada Act. This transforms a corporate layoff announcement into a high-stakes federal showdown that could force a court-ordered divestment or sale of the mill.
Cleveland-Cliffs Boss Dismisses Nationalization Pressure as Steel Spat Deepens

CEO Lourenco Goncalves doubled down against mounting political pressure and union calls for nationalization, bluntly dismissing state intervention while maintaining that Canadian markets cannot absorb Stelco’s production. This hardline stance signals that management is willing to risk a protracted legal war with Ottawa rather than reverse its cutbacks.

h/t Flying Elvii