Cleveland-Cliffs Inc., the Ohio-based parent company of Stelco, issued a statement on Tuesday indicating that it is in full compliance with its commitments to the Canadian government under the Investment Canada Act. The company asserted that it conducted an exhaustive review of its compliance, covering each of its 34 undertakings, and has concluded that it has met all obligations since acquiring Stelco in 2024.
Minister of Industry Mélanie Joly has previously expressed concerns regarding Cleveland-Cliffs' adherence to its obligations, suggesting that the company could face legal action or be required to divest Stelco if it was found to be non-compliant. Cleveland-Cliffs' recent public statement seems aimed at addressing these concerns directly by demonstrating their commitment to fulfilling their promises to Canada.
In light of these developments, Cleveland-Cliffs is requesting a meeting with Minister Joly to further discuss their compliance status and to potentially reconcile any outstanding issues. The outcome of this meeting could play a significant role in shaping the future of Stelco and its operations in Canada, particularly regarding its relationship with the federal government and its commitments under the Investment Canada Act.
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