Ontario Premier Doug Ford suggested Wednesday that the province could purchase steelmaker Stelco from its American owner, after criticizing the company’s CEO for supporting tariffs that penalize Canadian steel exports.
Ford made the remarks during a $70 million funding announcement for worker retraining programs in Hamilton, home to Stelco’s operations. The premier criticized Cleveland-Cliffs (NYSE: CLF) CEO Lourenco Goncalves for supporting the Trump administration’s tariffs that impose 50% duties on Canadian steel entering the United States.
“Maybe they should find a new owner for Stelco,” Ford said. “Maybe we should just buy him. Why doesn’t he just stay in the US? Because I’m done with this guy.”
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The comments sparked criticism from business leaders who described Ford’s suggestion as tantamount to nationalization threats that could harm Ontario’s investment climate.
Cleveland-Cliffs acquired Stelco in November 2024 for $3.4 billion, making the Hamilton-based company a wholly-owned subsidiary of the Ohio-based steel producer. Since the acquisition, Goncalves has publicly endorsed expanded US tariffs on steel imports.
“He doesn’t give two hoots about people who work at Stelco when he’s signing all these letters,” Ford said of Goncalves, speaking at the United Steelworkers union headquarters.
Goncalves has said Cleveland-Cliffs “is a firm believer in the long-term positive impact that tariffs can play to make America a manufacturing superpower once again” and praised Trump’s manufacturing policies. Earlier this week, Cleveland-Cliffs applauded the US Commerce Department’s decision to expand tariff coverage to more than 400 additional steel and aluminum products.
Ford said he expects Goncalves to call him directly. “I look forward to getting a phone call from him because he has my number,” the premier said. “I’m going to blast him.”
The funding announcement includes $50 million for Better Jobs Ontario training programs and $20 million for new employment response centers to help workers affected by US trade policies.
Stelco operates two facilities in Ontario: the Lake Erie Works and Hamilton Works, employing approximately 1,800 United Steelworkers union members.
Information for this story was found via the sources and companies mentioned. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
One Response
Doesn’t sound like a Solid ” partnership ” …..how unfortunate that ” people on both sides of the fence ” cannot work ” together ” …is it because there is no real plan ?