Stelco president responds to demands from Minister Joly
Stelco's president is defending plans to lay off 500 workers, citing a 58% drop in exports to the U.S. and unsustainable losses due to foreign competition. The company is responding to government pressure regarding employment commitments made during its 2024 acquisition by Cleveland-Cliffs.
Why it matters
This reflects the ongoing tensions in the North American steel industry caused by trade wars, tariffs, and shifting market demands.
OTTAWA - Canadian exports of cold-rolled and coated steel to the United States have plunged 58 per cent from pre-trade-war levels as foreign imports continue to undercut Canadian-made steel, Stelco Inc.’s president said in defending plans to lay off up to 500 workers across two Ontario plants. In a seven-page letter to Canada’s industry minister obtained by The Canadian Press, Paul Simon described an industry upended by U.S. tariffs, weakening demand and continued foreign steel imports. “Stelco cannot continue to produce cold-rolled and coated steel products without incurring significant losses that are not sustainable,” Simon said in the letter. “As such, we will continue with the idling of Hamilton Works.” The Oct. 9 letter provides new figures illustrating what Stelco says is a contracting market for its products.
Get smarter about the news
Sign up free for a feed built around what you actually care about, Dive Deeper research on any story, and the full text of every article.
Create free accountAlready have an account? Sign in