Joly asks Competition Bureau to examine Stelco purchase
Canadian Industry Minister Mélanie Joly said Friday she had asked the Competition Bureau to examine Cleveland-Cliffs' purchase of Ontario steelmaker Stelco, CBC News reported.
Joly said she sent the competition commissioner a letter asking whether the company's conduct violated the Competition Act. Cleveland-Cliffs CEO Lourenco Goncalves had told CBC he bought Stelco because he could no longer afford it "flooding the market here in the United States to the detriment of my own company."
The request comes as Ottawa's 15-day deadline expires for the company to address alleged breaches of employment commitments. The government says Cleveland-Cliffs agreed to maintain unionized employment at 2024 levels through 2029.
The company says it is in "full compliance" with its Investment Canada Act obligations. Stelco announced plans in September to lay off up to 500 workers at its Hamilton and Nanticoke mills. Cleveland-Cliffs and the union have since confirmed that 175 workers have been laid off, all in Hamilton.
