Tag: Stelco

It’s the scariest time of year in Washington, D.C. … election season. The city is a veritable haunted house of prognostication and speculation as everyone tries to discern which way the howling wind will blow. We’ll let the fortune tellers and prediction markets guess the outcomes of the midterms. What we do know is this: the steel industry has experienced its share of tricks and treats over the past few months. Below are a few notable steel tricks and treats this Halloween season.

Cleveland-Cliffs Chairman and CEO Lourenco Goncalves said Stelco is not for sale, but he might sell it after operating the company for a period. He said he had come to understand that he was unwelcome in Canada. Separately, in a statement to SMU on Wednesday, Goncalves said he would consider a sale only after Stelco records one year of higher production and brings back all laid-off workers. He clarified it was 175 workers, not 500. He also said he would speak with no potential buyers “real or imaginary” now or during the next calendar year.

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.

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.

Stelco is proceeding with layoffs at its Hamilton, Ontario, mill despite the Canadian government’s threat of legal action. Last week, Canadian Industry Minister Mélanie Joly had given Cleveland-Cliffs Inc., the owner of Stelco, five days to respond to its call to maintain employment levels at the Canadian mill. Just days earlier, Cliffs announced it would indefinitely idle Stelco's finishing operations and lay off 500 workers. But the government says Cliffs agreed to maintain employment levels as a condition of its 2024 purchase of Stelco.

The Canadian government has reportedly given Cleveland-Cliffs Inc. five days to respond to a letter from Canadian Industry Minister Mélanie Joly about the Stelco layoffs or face legal action.

Canadian Prime Minister Mark Carney has threatened legal action against Cleveland-Cliffs over the layoffs announced earlier this week at its Stelco mill in Hamilton, Ontario.

Stelco Holdings Inc. is indefinitely idling its finishing operations in Hamilton, Ontario. The Canadian steelmaker, a subsidiary of Cleveland-Cliffs, will concentrate steel production at its Lake Erie Works in Nanticoke, Ontario, a Cliffs spokesperson told SMU.

Some key matters haven't been brought up yet. “We have not begun bargaining over economic issues, including wages,” the USW said in an update to members.

Cleveland-Cliffs’ top executive said any restart of the blast furnace at its Dearborn Works in Michigan hinges on automakers reshoring more production to the US.

Cleveland-Cliffs Inc. narrowed its losses in the second quarter thanks to increased demand, higher prices, longer lead times, and limited import competition.

Canada’s steel production dropped sharply in May, falling 15% year over year and running 14% lower year-to-date, according to Earth-i’s Savant Global Monitoring Index. May’s production was just under 900,000 metric tons.

ArcelorMittal Dofasco and Stelco are aiming to increase spot market base prices by a minimum of CA$100 per short ton (US$72/st), effective immediately.

ArcelorMittal Dofasco and Stelco joined recent moves by US mills to push sheet prices higher.

Meanwhile, its Canadian operations have been hurt by the broader tariffs proposed by the United States.

Cleveland-Cliffs Inc. gushed red ink in the first quarter, and pledged to stem the bleeding by idling inefficient, “loss-making operations” and increasing focus on its core automotive business.

Ancora has nominated nine board members to U.S. Steel's 12-member board and seeks to install Alan Kestenbaum as CEO to replace David Burritt.

Alan Kestenbaum, the founder of Bedrock Industries and the former CEO of Stelco, will be the featured speaker on the next SMU Community Chat. The webinar will be on Wednesday, Jan. 22, at 11 am ET. It’s free to attend. You can register here. We’ll look at Stelco’s recent sale to Cleveland-Cliffs and what made […]

Cleveland-Cliffs' Lourenco Goncalves said the company will install a new stove at Stelco’s blast furnace in Nanticoke, Ontario.

Cleveland-Cliffs swung to a steep loss in the third quarter. However, it touted the recent closing of its acquisition of Stelco in its quarterly earnings report released on Monday and said steel demand should bounce back early next year.

Canada’s Stelco Holdings Inc. is now officially owned by Cleveland-Cliffs Inc.

Cleveland-Cliffs has received all the required approvals to finalize its $2.5-billion acquisition of Canadian steelmaker Stelco Holdings Inc.

Stelco Inc. said that the Canadian Competition Bureau will not challenge Cleveland-Cliffs’ pending buy of the Hamilton, Ontario-based steelmaker.

Cleveland-Cliffs has cleared a regulatory hurdle for its pending purchase of Canadian steelmaker Stelco Inc.

Stelco shareholders voted overwhelmingly on Monday to OK the $2.5-billion sale of the Canadian flat-rolled steelmaker to Cleveland-Cliffs. Indeed, 99.97% of those who cast ballots voted to approve the deal, according the Hamilton, Ontario-based steelmaker.

In a candid fireside chat with SMU Senior Analyst/Editor David Schollert, Stelco’s CEO Alan Kestenbaum opened up about Stelco’s pending sale to Cliffs, his business strategy, outlook for the industry, and plans for the future. The chat took place on Tuesday, Aug. 24, at the 2024 SMU Steel Summit in Atlanta.

Fall is coming in North America, and with it, steel mills' regularly scheduled fall maintenance outages.

The company is in the process of being acquired by Cleveland-Cliffs in a deal valued at USD$2.5 billion.

Cleveland-Cliffs Chairman, President and CEO Lourenco Goncalves had some insightful things to say today about the steel market and about a conference we suspect might be Steel Summit.

Cleveland-Cliffs expects its acquisition of Canada’s Stelco to close later this year, which will help the the Cleveland-based steelmaker as a bottom to steel tags nears.