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Canada Considers Stelco Takeover

Canada is examining options to nationalize steel maker Stelco after alleging multiple breaches of commitments by owner Cleveland Cliffs. Industry Minister Melanie Joly cited legal pathways under the Investment Canada Act.

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FILE PHOTO: Smoke exits the Stelco Hamilton Works steel mill, owned by Cleveland-Cliffs, in Hamilton, Ontario, Canada, August 24, 2026. REUTERS/Carlos Osorio/File Photo

Canada is exploring options to nationalize steel maker Stelco, owned by CLEVELAND-CLIFFS INC based in the United States, following multiple breaches of commitments. Industry Minister Melanie Joly said on Friday afternoon in Toronto that the government is utilizing provisions under the Investment Canada Act.
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