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Oct 30, 2026 3:15 PM - Connect Newsroom - Ramandeep Kaur with files from The Canadian Press

Carney Warns Cleveland-Cliffs Over Failure to Honour Stelco Acquisition Commitments

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Carney warns Cleveland-Cliffs to honour its Stelco employment commitments or face legal consequences. (Photo: The Canadian Press)

Prime Minister Mark Carney has taken a firm stance against U.S.-based Cleveland-Cliffs, warning that failing to honour the conditions and legal obligations agreed to during its acquisition of Canadian steelmaker Stelco would be a serious mistake.

Speaking to reporters at a news conference in Montreal on Thursday, Carney was asked whether the federal government had made a mistake by approving the company's purchase of Stelco. He said the real mistake would be Cleveland-Cliffs failing to respect its employment commitments.

Under the 2024 acquisition agreement, the company is legally obligated to maintain Stelco's workforce at the same level until 2029.

Meanwhile, federal NDP Leader Avi Lewis criticized the company, calling it shameful that Cleveland-Cliffs had described eliminating competition as one of its objectives in acquiring Stelco. He also accused the company of violating the law by laying off Canadian workers just ahead of Christmas.

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