Cleveland-Cliffs says its Canadian steelmaker Stelco had its best quarter since the US company bought it in 2024, even as hundreds of Stelco workers in Ontario receive layoff notices, CBC News reports.
Chief executive Lourenco Goncalves said the Canadian hot-rolled steel market had improved substantially and praised President Trump's trade policies, while calling on Ottawa to do more about an oversupply of galvanised steel. Stelco said in September it would idle part of its Hamilton plant to protect the company's future, citing US tariffs.
Union leaders say 333 jobs are expected to go in Hamilton and up to 50 at the Lake Erie Works in Nanticoke. One local union president questioned why departments were being shut if the business was profitable. Mr Goncalves credited Canada's tariff-rate quota system, which limits some steel imports, for the improvement in hot-rolled sales.
Source: CBC News
