Joly warns Stelco's owner to keep Canadian jobs or face a forced sale

Stelco jobs to be cut in Hamilton

500 jobs

Cleveland-Cliffs, the U.S. company that bought Stelco in 2024, plans to cut up to 500 jobs in Hamilton, Ontario, citing low steel prices and U.S. tariffs. The first layoffs have already taken effect.

Cleveland-Cliffs must uphold its commitments. Full stop.

— Mélanie Joly, industry minister

What Ottawa says it could do

• Financial penalties
• A forced sale of Stelco's Canadian assets
• Take the company to court

Ottawa says the cuts break the pledges Cleveland-Cliffs made under the Investment Canada Act to protect Canadian jobs. Joly says everything is on the table, and the government has hired lawyers.

Cleveland-Cliffs CEO Lourenco Goncalves calls Joly's comments bullying and harassment and says the company broke no deal. He calls the layoffs temporary and says the company is ready to go to court.