Welcome Back, Stelco

[NortheastWind]

I hope they discontinue the coke ovens in Hamilton.

[ScreamingViking]

Is this legit? Or US Steel part II? I'm wary of the latter.

I think we're going to see a renaming of our largest sports facility to Stelco Stadium or something similar in the near future though.


U.S.-based Cleveland-Cliffs gets final approval from federal government to buy Stelco
The $3.4B deal closes Nov. 1, according to Cleveland-Cliffs

https://www.cbc.ca/news/canada/hamilton/...federal-approval-to-buy-stelco-1.7369816

By Aura Carreño Rosas
CBC News
Nov 01, 2024

The federal government has given the final approval for the acquisition of Hamilton steelmaker Stelco Holdings Inc. by U.S.-based Cleveland-Cliffs Inc.

In a statement released on Wednesday, Minister of Innovation, Science and Industry François-Philippe Champagne said he approved the investment "following an extensive review under the Investment Canada Act."

Champagne said in the statement the approval is contingent on a five-year commitment that included maintaining Stelco's head office in Hamilton, carrying operations under the name "Stelco, a Cleveland-Cliffs Company."

Additionally, the company is also required to continue to employ at least the same number of unionized and most of the non-unionized workers, and honouring existing collective bargain agreements as well as pension and benefit commitments.

Ron Wells, president of the USW Local 1005 that represents Hamilton Stelco workers, said, "there needs to be transparency regarding any legal commitments around job protections, capital investments, production levels and environmental sustainability.

"We believe we, the workers, are in the best position to ensure these commitments are fulfilled."

He was echoing a Sept. 25 letter to Champagne written by the USW's national director Marty Warren expressing his concern about the acquisition.

The letter expressed Warren's concerns given past "negative effects of previous foreign takeovers."

"We must ensure that the same mistakes are not repeated," Warren said in the letter.

"It is essential that any commitment, whether it concerns investment, job security, pension protection or environmental sustainability, be made public and enforceable under the Canada Investment Act."

The $3.4 billion deal closes Nov. 1, according to a press release by Cleveland-Cliffs.

In July, a Stelco news release said Cleveland-Cliffs will continue Stelco's current community commitments.

The company will also retain its partnership with the Hamilton Tiger-Cats and Forge FC, and its 40 per cent equity interest and the master lease of Tim Hortons Field.

[SteelTown]

Hamilton steel plant to lay off hundreds of workers as U.S. tariffs prompt 'survival' move
Canadian steel imports to U.S. face up to 50% tariffs
https://www.cbc.ca/news/canada/hamilton/stelco-tariffs-trump-9.7361216

Stelco Holdings Inc. said on Monday that it plans to idle part of its Hamilton plant in order to "ensure the survival" of the company, as U.S. tariffs squeeze its sales.

Stelco said the decision will impact up to 500 employees.

In a memo obtained by CBC News on Monday, the company said it will indefinitely idle its cold-rolled and coated operations at its Hamilton Works plant, with operations set to begin winding down on Oct. 9.

Ron Wells, president of United Steelworkers Local 1005, estimates 350 steelworkers will be laid off. He says he was briefed on the situation in a meeting with the company on Monday morning.

[HamiltonBoyInToronto]

Originally Posted by SteelTown

Hamilton steel plant to lay off hundreds of workers as U.S. tariffs prompt 'survival' move
Canadian steel imports to U.S. face up to 50% tariffs
https://www.cbc.ca/news/canada/hamilton/stelco-tariffs-trump-9.7361216

Stelco Holdings Inc. said on Monday that it plans to idle part of its Hamilton plant in order to "ensure the survival" of the company, as U.S. tariffs squeeze its sales.

Stelco said the decision will impact up to 500 employees.

In a memo obtained by CBC News on Monday, the company said it will indefinitely idle its cold-rolled and coated operations at its Hamilton Works plant, with operations set to begin winding down on Oct. 9.

Ron Wells, president of United Steelworkers Local 1005, estimates 350 steelworkers will be laid off. He says he was briefed on the situation in a meeting with the company on Monday morning.

This may be a little insensitive because I really feel bad for anyone who loses their employment - but I wonder how many of them are "Maple Maga's" and what their thoughts are now ?