Joly Asks Competition Bureau to Review Stelco Acquisition After CEO Comments
Industry Minister Mélanie Joly is asking Canada’s Competition Bureau to probe whether U.S. steelmaker Cleveland-Cliffs acted in bad faith when it acquired Canadian steelmaker Stelco in 2024, following comments by the company’s chief executive about his reasons for the purchase. Joly said in a Nov. 6 statement posted on social media that, after consulting her […]
TL;DR
- Industry Minister Mélanie Joly has asked Canada's Competition Bureau to investigate Cleveland-Cliffs' acquisition of Stelco.
- The probe is into whether Cleveland-Cliffs acted in bad faith.
- This action was prompted by comments from Cleveland-Cliffs CEO Lourenco Goncalves regarding his reasons for the purchase.
- Goncalves admitted to buying Stelco partly because it was flooding the U.S. market with low-priced steel.
- He also mentioned plans to sell Stelco within approximately one year and stated he was now 'persona non grata' in Canada.