Cleveland-Cliffs CEO Blames Mark Carney for Steel Layoffs

Cleveland-Cliffs Inc. CEO Lourenco Goncalves accused Canadian Prime Minister Mark Carney of harming the domestic galvanized steel sector through trade policies that allow cheap imports to flood the market. The dispute follows the September 28 decision by Stelco Inc., a Cleveland-Cliffs subsidiary, to lay off up to 500 workers at facilities in Hamilton and Nanticoke, Ontario.

The Canadian government claims these layoffs violate legally binding job commitments established during the 2024 acquisition of Stelco. Industry Minister Mélanie Joly warned that Cleveland-Cliffs could face lawsuits or a forced divestiture of its Canadian assets if it fails to comply with those agreements.

Goncalves argued that the domestic market cannot accommodate current import levels and called for stronger protections to make galvanized steel competitive enough to reinstate the workforce. While criticizing the Canadian administration, Goncalves praised U.S. President Donald Trump for implementing steel tariffs that he credits with increasing company profits and returning manufacturing to the United States.