Carney says Cleveland-Cliffs making ‘mistake’ by not respecting obligations
Prime Minister Mark Carney said Thursday that Cleveland-Cliffs' would be making a "mistake" by not respecting its obligations and commitments after it began laying off workers.
Prime Minister Mark Carney has criticized Cleveland-Cliffs for not respecting its obligations in the acquisition of Stelco, stating that it would be a mistake for the U.S.-based company to not adhere to the commitments made in the 2024 agreement. The agreement includes legally binding commitments for employment levels to remain at or above certain levels until 2029.
Cleveland-Cliffs has declined to comment further as a legal process is underway. Industry Minister Mélanie Joly has also expressed concerns, stating that she expects a "concrete and credible plan for re-engagement with these workers" and that the company has not broken its agreement but should face consequences for the impact of external factors on the Canadian market.
The letter from Joly, dated Oct. 29, addressed to Stelco's president, Paul Simon, notes that Cleveland-Cliffs and CEO Lourenco Goncalves have not fully complied with the interim compliance report provided on Oct. 26.
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