10/02/2026
JUST IN: CARNEY WARNS STELCO’S U.S. OWNER — CANADA IS READY TO ENFORCE THE DEAL
Mark Carney is putting an American steel company on notice — and the dispute could soon become a legal fight over Canadian jobs.
In 2024, Cleveland-Cliffs acquired Canadian steelmaker Stelco for $3.4 billion. The deal came with a key commitment: protect Canadian employment for five years.
Now, that promise is being tested.
Nearly 350 workers in Hamilton could be affected as Stelco moves to shut down parts of its production. The company points to weaker demand and says some employees may be offered positions at another facility.
But the numbers have raised questions. When the layoffs were announced, only 46 openings were reportedly available.
Carney says Stelco has binding legal obligations, and Ottawa is prepared to use the Investment Canada Act.
So what happens next — a court battle, or a new deal to protect the jobs?
💬 What do you think?
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