Stelco's owner says he's ready for a court fight with Ottawa — and open to selling

The chief executive of Cleveland-Cliffs says he is prepared to fight the Canadian government in court over the Stelco layoffs — and that he would consider selling the company for the right offer.

In an interview aired Sunday on CBC's Rosemary Barton Live, Lourenco Goncalves disputed Ottawa's reading of the Investment Canada Act undertakings attached to the 2024 takeover, arguing the five-year employment commitment does not require keeping headcount at an exact level every single day — and said that if it had, he would not have agreed to the deal.

Goncalves called the layoffs temporary until Canada and the United States reach a trade deal, and voiced support for U.S. steel tariffs — even though Stelco has blamed those same 50 per cent tariffs for the cuts at Hamilton Works.

The interview lands as Industry Minister Mélanie Joly's five-day deadline for a company compliance plan arrives around Tuesday. Joly has said legal options, including a court-ordered sale of the business, remain on the table; Stelco has called Ottawa's breach claims "false."

Up to 500 workers face layoffs at Hamilton Works, where the wind-down of cold-rolled and coated steel operations began Oct. 9. The local United Steelworkers chapter estimates about 350 steelworkers are among those affected.