Cleveland-Cliffs CEO calls Canada’s Stelco threats ‘bullying’

Skip to Content News Archives Economy Defence Energy Oil & Gas Renewables Electric Vehicles Mining Commodities Agriculture Real Estate Mortgages Mortgage Rates Finance Banking Insurance Fintech Cryptocurrency Defence Work Wealth Smart Money Wealth Management Investor Personal Finance Family Finance Retirement Taxes High Net Worth FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials More Innovation Information Technology FP500 Podcasts Small Business Lives Told Tails Told Shopping Financial Post Store Obituaries Place a Notice Advertising Advertising With Us Advertising Solutions Postmedia Ad Manager Sponsorship Requests Classifieds Place a Classifieds ad Working Profile Settings My Subscriptions My Offers Newsletters Customer Service FAQ News Economy Energy Mining Real Estate Finance Defence Work Wealth Investor FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials This advertisement has not loaded yet, but your article continues below.HomeCommoditiesCleveland-Cliffs CEO calls Canada’s Stelco threats ‘bullying’Cleveland-Cliffs began issuing layoff notices at its plant in Hamilton after deciding to idle its cold-rolled and coated steel operationsAuthor of the article:Stelco in Hamilton, Ontario on October 13, 2026. Photo by Peter Power/Postmedia NewsCleveland-Cliffs Inc. chief executive Lourenco Goncalves pushed back against Canada’s threat to take legal action over job cuts at its Stelco steel unit, warning the government risks discouraging foreign investment if it forces the company to sell its assets in Ontario.THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLYSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.SUBSCRIBE TO UNLOCK MORE ARTICLESSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.REGISTER / SIGN IN TO UNLOCK MORE ARTICLESCreate an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an Account“We did not expect, less than two years after acquiring the company, to be treated like a pariah,” Goncalves said Thursday in an interview on BNN Bloomberg Television. “If that’s what Canada will do to attract foreign investment into Canada, I don’t think they will be very successful.”This advertisement has not loaded yet, but your article continues below.Stelco, which Cleveland-Cliffs acquired in 2024, began issuing layoff notices at its plant in Hamilton, Ontario, after deciding to idle its cold-rolled and coated steel operations. The move may affect as many as 500 workers, though Goncalves said the number laid off so far is smaller than that.Industry Minister Mélanie Joly said on Wednesday the government may seek a court order that would require Cleveland-Cliffs to comply with its previous employment commitments at Stelco, impose financial penalties or even force it to divest its Canadian assets.“Everything is on the table,” she said, as the government reviews the company’s response to the threatened enforcement action.Cleveland-Cliffs said the move in Hamilton is the result of an unsustainable market shaped by U.S. tariffs and other trade disruptions.“We have been bankrolling a losing-money operation for almost two years now,” Goncalves said on Thursday. “We cannot accommodate the Canadian market — the production of Stelco, the production of ArcelorMittal Dofasco and an avalanche of imports coming across the border.”Canada approved Cleveland-Cliffs’ acquisition of Stelco under the Investment Canada Act, subject to commitments to maintain unionized employment levels and most non-union positions.Following Joly’s threats, Goncalves called her tactics “bullying and harassment.”“Last time something like that happened in the steel business was in Venezuela,” he said. “I don’t think Canada is Venezuela.”This advertisement has not loaded yet.Notice for the Postmedia NetworkThis website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. 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