Canada exploring Stelco nationalization, industry minister says
CLF•Canada is exploring options under the Investment Canada Act to consider nationalizing Stelco, Industry Minister Melanie Joly said. She said Cleveland Cliffs had breached multiple commitments and that the act allows a court process to enforce them.
1. Options under review
Canada is exploring all options under the Investment Canada Act to consider nationalizing Stelco, Industry Minister Melanie Joly said Friday in Toronto. Joly said the government believed Cleveland Cliffs had breached multiple commitments and that section 40 of the act offers options through a court process to ensure the company fulfills its commitments.
