Stelco's U.S. Owner ADMITS He Bought It To Keep Stelco Out Of America

 

Stelco's American owner just admitted on national TV that he bought Canada's steel giant to keep it OUT of the U.S. market — and Ottawa says he just proved its case.

In 2024, Cleveland-Cliffs promised Canada 34 binding commitments to win approval for its Stelco takeover. Then CEO Lourenco Goncalves backed Trump's 50% steel tariffs, called Canada a "steel dumping machine," and laid off up to 500 workers in Hamilton and Nanticoke.

Now Melanie Joly has set a 15-day deadline — and the owner says he'll sell.

Meanwhile :

Cleveland-Cliffs is currently facing two major active legal disputes in the United States.

• Antitrust Litigation: The company is scheduled for a jury trial in Delaware following a ruling that Mesabi Metallics can pursue up to $5.6 billion in damages for allegedly impeding the construction of its iron ore mine in Minnesota.

• Environmental Lawsuit: Ohio’s Attorney General has sued Cleveland-Cliffs and Duck Creek Energy for the alleged mishandling of radioactive brine and oil-and-gas waste at the Cleveland Works steel mill.

Previously, Cleveland-Cliffs was named in a lawsuit by Nippon Steel and U.S. Steel over the blocked acquisition of U.S. Steel, but that case was dismissed with prejudice in September 2025 with no financial consideration exchanged.