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CEO blames tariff
- In October 2026, Stelco, owned by Cleveland-Cliffs, announced up to 500 layoffs at its Hamilton and Nanticoke Ontario plants.
- CEO Lourenço Gonçalves blamed the 50% tariff imposed by U.S. President Donald Trump for closing a market and forcing the cuts.
- Industry Minister Mélanie Joly said Stelco cannot invoke the tariff as a force-majeure excuse.
- The government gave Stelco five days to submit a job-saving plan or face legal action.
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