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.
Cleveland-Cliffs’ earnings tumbled in the second quarter as the company cited weak demand and pricing.
They say a picture is worth a thousand words. Well, when you add in some commentary from respected peers in the steel industry to those pictures, that may shoot you up to five thousand words, at least. In that spirit, we’ve added some snapshots from our market survey this week, along with some comments from market participants.
The recently announced acquisition of Stelco by Cleveland-Cliffs (Cliffs), priced at nearly three times book value, provides a great price for Stelco shareholders. And various synergies will likely leave Cliffs with tremendous runway for further growth in this deal. Cliffs expects to close this deal in 2024 Q4 upon government approval. This approval is expected but not a given.
The spread between hot-rolled coil (HRC) and prime scrap prices narrowed for the third consecutive month, hitting a level not seen since 2020, according to SMU’s most recent pricing data.
There are just 40 days left until the 2024 SMU Steel Summit gets underway on Aug. 26 at the Georgia International Convention Center (GICC) in Atlanta. And I’m pleased to announce that it's official now: More than 1,000 people have registered to at attend! Another big development: The desktop version of the networking app for the event has officially launched!