July 15, 2024: Cleveland-Cliffs announces a deal to acquire Stelco for about $3.4 billion, including debt.
Oct. 29, 2024: Ottawa approves the takeover under the Investment Canada Act, subject to binding five-year commitments, including maintaining employment levels, keeping Stelco’s head office in Hamilton and supporting Canadian steel operations.
Nov. 1, 2024: Cleveland-Cliffs completes its acquisition of Stelco.
July 2026: Stelco begins warning federal officials about deteriorating market conditions and the potential impact on its Hamilton operations, according to a subsequent letter from the company.
Early September 2026: Stelco says it meets with senior federal officials, including representatives from Industry Minister Mélanie Joly’s office, to discuss difficulties facing its Hamilton finishing operations.
Sept. 28, 2026: Stelco announces plans to idle finishing operations at Hamilton Works, potentially affecting up to 500 workers across its Hamilton and Lake Erie facilities in Nanticoke, Ont. The company blames U.S. tariffs and challenging market conditions.
Sept. 29, 2026: Prime Minister Mark Carney accuses Cleveland-Cliffs of betraying Canadian workers and says federal money is on the table to help preserve jobs.
Sept. 30, 2026: Cleveland-Cliffs chief executive Lourenco Goncalves says the layoffs are driven by market conditions and that government financial assistance would not solve the company’s problems.
Oct. 5, 2026: Joly sends Stelco president Paul Simon a letter expressing disappointment over the planned layoffs and demanding a plan to honour the company’s commitments within five business days or face potential legal action.
Oct. 7, 2026: Stelco begins issuing layoff notices to workers at Hamilton Works.
Oct. 9, 2026: Stelco responds to Joly, denying it has violated its commitments. The company says the agreement does not prohibit layoffs and argues that U.S. tariffs and market conditions are beyond its control.
Oct. 11, 2026: The first layoffs take effect at Hamilton Works. Goncalves says he is prepared to defend the company’s actions in court.
Oct. 14, 2026: Joly says Ottawa remains willing to negotiate with Stelco but warns the government will use the full force of the law to protect jobs, including potentially seeking financial penalties or a forced sale.
Oct. 22, 2026: Joly issues a formal demand under Section 39 of the Investment Canada Act, accusing Cleveland-Cliffs of violating six binding commitments. The company is given 15 days to address the alleged breaches or justify its actions, with possible court proceedings to follow.
Oct. 23, 2026: Stelco requests a meeting between Joly and Goncalves to discuss a plan to reinstate laid-off workers.
Oct. 26, 2026: Cleveland-Cliffs says it is meeting all 34 commitments under the takeover agreement and expects to maintain required employment levels despite laying off 175 workers at Hamilton Works.
Oct. 28, 2026: Goncalves says he hopes to recall all 175 workers before Christmas if a plan to increase Canadian steel sales succeeds. He also says Stelco is not for sale, for at least the next calendar year.
Oct. 29, 2026: Joly rejects Stelco’s latest compliance report as far from satisfactory and demands the immediate recall of laid-off workers before meeting Goncalves. Carney says Cleveland-Cliffs must honour its commitments but declines to comment on a possible forced sale.
Oct. 31, 2026: Stelco’s current employment-compliance reporting period ends. Cleveland-Cliffs has said it will update its employment figures.
Nov. 6, 2026: Joly asks the Competition Bureau to examine Cleveland-Cliffs’ conduct and whether it warrants enforcement action under the Competition Act, citing remarks by Goncalves that the company bought Stelco partly to prevent Canadian steel from competing with its U.S. operations.
Nov. 13, 2026: Cleveland-Cliffs announces plans to recall all 175 workers effective Dec. 1, with retroactive pay for lost wages. The company cites improved customer demand, while the union credits federal pressure for the reversal.
This report by The Canadian Press was first published Nov. 13, 2026.
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