CP NewsAlert: Joly asks Comp Bureau to probe Stelco deal after CEO comments

OTTAWA — Industry Minister Mélanie Joly is asking the Competition Bureau to examine whether Cleveland-Cliffs’ rationale for acquiring Stelco Inc. was conducted in bad faith.

In a letter to the competition commissioner, Joly points to Cleveland-Cliffs chief executive Lourenco Goncalves’ testimony in a January 2026 congressional hearing that the company acquired Stelco in part to prevent Canadian steel from flooding the U.S. market.

Joly says the CEO made similar claims to CBC News last month, indicating the company’s disregard for fair competition in the Canadian market.

She says the Competition Bureau “may wish to thoroughly examine” the parent company’s conduct and whether it warrants enforcement action under the Competition Act.

Joly’s letter comes as Ottawa’s 15-day deadline ends for Cleveland-Cliffs to address alleged violations of binding employment commitments it made when it purchased Stelco back in 2024.

The minister had asked the company to address its alleged violations, prove it has not broken its commitments or explain why it has failed to meet them.

Stelco announced plans on Sept. 28 to lay off up to 500 workers at its Hamilton and Nanticoke, Ont., steel mills, citing U.S. tariffs, weak demand for Canadian steel and competition from imported steel products.

However, Cleveland-Cliffs and the union have recently confirmed only 175 workers have been laid off so far, all in Hamilton.

This report by The Canadian Press was first published Nov. 6, 2026.

The Canadian Press