Stelco CEO Says He Has Right to Idle Operations in Hamilton After Carney Threatens Action
The head of Stelco’s American parent company says he has the right to idle operations and lay off employees at the Hamilton plant, in response to Prime Minister Mark Carney saying his government would use “all powers that we have” against the company. Cleveland-Cliffs CEO Lourenco Goncalves said in a Sept. 30 interview with CBC […]
Cleveland-Cliffs CEO Lourenco Goncalves stated that his company has the right to idle operations and lay off employees at the Hamilton plant. This statement comes after Prime Minister Mark Carney threatened government action against Stelco. Goncalves cited that the purchase of Stelco was based on the ability to freely sell steel to the United States under CUSMA.
- Cleveland-Cliffs CEO Lourenco Goncalves claims the right to idle Stelco operations and lay off employees in Hamilton.
- This assertion is a response to Prime Minister Mark Carney’s threat to use “all powers that we have” against the company.
- Goncalves stated that the purchase of Stelco in 2024 was contingent on freely selling steel produced in Hamilton to US buyers under CUSMA.
- The ongoing trade dispute impacts the company’s ability to sell steel in the US, making it difficult to maintain operations.
- The deal to purchase Stelco included maintaining significant employment and operations in Canada.
Write a comment