Joly asks Competition Bureau to investigate Cleveland-Cliffs purchase of Stelco
Canada's industry minister is asking the Competition Bureau to investigate Stelco's parent company after its CEO told CBC News that he only bought the Hamilton steelmaker to stop it undercutting his U.S. business.
Industry Minister Mélanie Joly has instructed the Competition Bureau to investigate Cleveland-Cliffs' acquisition of Stelco Inc., following CEO Lourenco Goncalves' testimony in a congressional hearing that the company acquired the Canadian steelmaker to prevent Canadian steel from flooding the U.S. market. Joly's letter to the competition commissioner suggests that Cleveland-Cliffs' actions may warrant enforcement action under the Competition Act, citing the CEO's comments to CBC News indicating the company's disregard for fair competition in the Canadian market.
The investigation comes as the 15-day deadline for Cleveland-Cliffs to address alleged violations of binding employment commitments made when purchasing Stelco in 2024 draws to a close.
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- CP NewsAlert: Joly asks Comp Bureau to probe Stelco deal after CEO comments winnipegfreepress.com
