Cleveland-Cliffs Inc. CEO Lourenco Goncalves says he hopes to bring back laid-off Stelco workers before Christmas if a plan to increase Canadian sales succeeds.
In a written statement to The Canadian Press, Goncalves says the company is now counting on increased purchases of Canadian-made steel rather than tighter import restrictions to restore jobs at its Ontario operations.
Goncalves says the number of layoffs “was never 500” but is rather 175, despite an internal Stelco letter to employees on Sept. 28 warning that up to 500 workers at Hamilton Works and Lake Erie Works in Nanticoke, Ont., could be affected.
He also says Stelco is not for sale for at least the next calendar year, and criticizes Industry Minister Mélanie Joly for publicly discussing the possibility of a sale.
Goncalves says Joly is discouraging foreign investment in Canada by publicly discussing potential buyers for Stelco and criticizing the company’s business decisions.
He says Cleveland-Cliffs had expected to sell more cold-rolled and galvanized steel in Canada when it acquired Stelco in 2024, but that demand has not materialized.
This report by The Canadian Press was first published Oct. 28, 2026.
By Brett Bundale | Copyright 2026, The Canadian Press. All rights reserved.