The Canadian Press: Canada gave U.S.-based Cleveland-Cliffs the go-ahead to purchase Stelco back in 2024 under the Investment Canada Act, which regulates foreign takeovers.
Canada’s approval of the deal was contingent on the new owner maintaining the number of union jobs and the majority of non-union positions, Joly said.
Those conditions don’t expire just because “business strategy or market conditions have changed,” she wrote in the letter.
“This is particularly relevant here, where Cleveland-Cliffs has cited trade disruptions as affecting its operations at Hamilton Works, notwithstanding its chief executive officer’s public support for Section 232 tariff measures,” Joly said…