Canada

October 28, 2026
Goncalves sets conditions for possible Stelco sale
Written by Laura Miller
Cleveland-Cliffs Inc. Chairman and CEO Lourenco Goncalves said Stelco Holdings Inc. is not for sale.
Possible sale
Canada

October 28, 2026
Written by Laura Miller
Cleveland-Cliffs Inc. Chairman and CEO Lourenco Goncalves said Stelco Holdings Inc. is not for sale.
Canada’s Minister of Industry Melanie Joly has said she won’t meet with Cleveland-Cliffs until it presents a plan and a timeline to restore jobs at its Stelco operations in Hamilton, Ontario. This follows the Cleveland-based steelmaker saying on Monday it was in full compliance with undertakings related to its buy of Stelco in 2024. Stelco announced layoffs affecting up to 500 workers last month. The company cited the impact of US Section 232 tariffs. Subsequently, the Canadian government alleged that the layoffs violated commitments Cliffs made when it purchased Stelco in 2024.
The latest tally of active drilling rigs held steady in the US for a third straight week, while activity rose in Canada this week, according to oil and gas rig count data published by Baker Hughes. The US rig count remained unchanged at 603 rigs this week, maintaining a 17-month high. Compared to this time last year, there are 53 more rigs in operation today. Canada’s count rose by three to 220 rigs this week, recovering after a short-lived easing the prior week. Activity is up compared to the same week of 2025, with 21 more rigs operating today.
The Canadian federal government and the Ontario provincial government have announced five-year commitments totaling CA$5.22 billion (US$3.72 billion) for a Joint Steel Action Fund. That funding comes alongside up to an additional CA$2.5 billion over two years for large-scale automotive capital projects. The federal and provincial governments said the package is intended to support domestic steel production, automotive manufacturing, and the transition to connected and electric vehicles.
Cleveland-Cliffs recorded its first profitable quarter since 2024 on higher steel prices, increased sales volumes, and trade policies supportive of US mills. The Cleveland-based steelmaker swung to a profit of $152 million in Q3’2026 compared to a loss of $251 million in the same quarter last year on revenue that rose 18.5% to $5.6 billion over the same period. Prior to Q3’2026, Cliffs had not posted a profit since Q2’24, when it recorded a profit of $2 million.