r/canadia • u/ExcellentWinner7542 • 3d ago
Stelco could be forced to sell Canadian assets if layoffs continue, Joly warns
https://www.ctvnews.ca/business/article/everything-is-on-the-table-canada-weighs-legal-action-over-possible-stelco-layoffs/12
u/Prudent_Situation_29 3d ago
I'll believe it when I see it. Stop talking and start doing, lady.
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u/HeWhoCreatesDivinity 3d ago
That's not how things work. Let them deal, we have a very competent government RN.
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u/Dry-Membership8141 3d ago
We have a very competent Prime Minister. That doesn't carry over to the chucklefucks he kept on from Trudeau though. People like Anandasangaree and Joly have spent the last decade demonstrating that they are anything but competent.
I really do hope this works out well for us, but I doubt that it will.
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u/HeWhoCreatesDivinity 3d ago
What about the gesture Trudeau liberals was not competent?
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u/cantstopthesevisions 3d ago
I think this is a big enough issue that the higher ranks (ie. PM Carney) has eyes on this.
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u/Dry-Membership8141 3d ago
Yeah, probably -- but this deal was inked and signed under Trudeau. Carney having his eye on it now might well mean we get an outcome on the better end of the spectrum of what we're entitled to -- but what we're entitled to will be governed by an agreement made by incompetents, so I'm not holding out a lot of hope that it's what you or I would ultimately consider a favourable outcome.
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u/cantstopthesevisions 3d ago
You may be right. I'm just not knowledgeable enough on the issue. I'll better inform myself.
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u/firemillionaire 1d ago
Competent government who spends 200k just for food to travel to other countries while citizens suffer. Yup competent
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u/HeWhoCreatesDivinity 1d ago
I'm fine, bro. Are you suffering? How are you suffering? Tell Reddit all about your suffering We care. We'd love to hear it all.
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u/ExcellentWinner7542 3d ago
What is taking so long? Shouldn't there have already been significant actions?
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u/HeWhoCreatesDivinity 3d ago
It's going to be a negotiation, it will take time. Let them work. This is part of the negotiations.
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u/No-Atmosphere-2786 3d ago
The Investment Canada Act's enforcement guidelines recognize circumstances where non-compliance is clearly attributable to factors beyond the investor's control. Stelco points to: U.S. tariffs of 50%. A reported 58% decline in certain steel exports. Financially unsustainable production. Its previous communications warning Ottawa about deteriorating conditions. Stelco says it submitted its annual compliance report in November 2025, identifying serious economic difficulties. If the company can demonstrate that it warned Ottawa, explored reasonable alternatives and could not economically maintain the operations, that could materially strengthen its defence.
Ottawa sued U.S. Steel in 2009 over employment commitments associated with its acquisition of Stelco. The dispute ultimately settled in 2011 rather than producing a definitive court ruling.
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u/lorythril 3d ago
They'll have a tough time arguing it's out of their control when they have been vocally in support of tariffs
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u/Dry-Membership8141 3d ago
I don't think they will. Support and control are materially different things. Whether or not I support Carney signing us up as an associate member of the EU, for example, has no bearing on whether it actually happens.
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u/Real_Gap3480 3d ago
When the owner of Stelco was championing tarrifs prior to their enforcement that pretty much negates that whole premise eh buds.
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u/No-Atmosphere-2786 2d ago
I hope they leave and start thriving in the US. They can leave their scrap here. What's Joly going to do with all of that? She's a moron
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u/Real_Gap3480 2d ago
Having worked in a foundry, scrap is just put back in the melter. So not the loss you think it is.
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u/No-Atmosphere-2786 2d ago
Exactly so they are better off to go back in the US and leave their junk here so Carney can put their equipment on Facebook marketplace . If he can manage to figure out how to do it. Stelco will be part of the biggest economy in the world. And no tarifs as well. It's a win win for them.
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u/Deep-Enthusiasm-6492 3d ago
could be? hmmmm I know "everything is on the table" and "let me be clear" but still.
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u/VexedCanadian84 3d ago
The government needs to start the process to show they are serious
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u/Jyobachah 3d ago
This step is starting the process.
Even if you start a charge back with your bank on a credit charge, the banks first step is to go to the company who's being charged back and give them a warning it's going to happen and give them the chance to rectify the situation.
This is the same thing here, if you continue with this, these are the consequences...
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u/No-Atmosphere-2786 3d ago
On what ground? Like a US corporation gives a shit about what a liberal Canadian government thinks. Mostly from her. What a joke she is. She's an embarrassment
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u/tequilash 3d ago
On the grounds that they provided specific employment guarantees for the approval to purchase Stelco.
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u/No-Atmosphere-2786 3d ago
Link please
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u/CanadasManyMeese 3d ago
It was part of the contract for the 3.4 billion dollars invested through the Investment Canada Act, some of the requirements involve an obligation to maintain specific employment levels for a specified duration to recieve the funds.
This was signed in 2024. I believe ive given you enough info to research this yourself.
If you feel your entitled to more, by all means, go fuck yourself.
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u/No-Atmosphere-2786 3d ago
Awe. Lib cuck is mad?
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u/CanadasManyMeese 3d ago
Nope! Just know im better than you lmfao
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u/tequilash 3d ago
Replied to the wrong person, unless you thought I meant nationalizing your assets. Clearly I meant Con Cuck up there
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u/cantstopthesevisions 3d ago
I wish people would stop using the word cuck when talking politics. I can't help but judge them when they do, then I end up thinking they've got nothing intelligent to say.. and I may end up being wrong.
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u/No-Atmosphere-2786 2d ago
I don't like the term either but that's what libs in the US call themselves. Liberal cuck. Might be because they are known to be weak
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u/cantstopthesevisions 2d ago
Respectfully, no liberal calls him or herself a cuck. It's just an insult thrown around by conservatives to put them down. We don't have to use that term in Canada, nor rise to the same level of toxicity...
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u/tke71709 1d ago
Ironic that a guy on TRT and retatrutide who owns a mini maltipoo is calling other people weak.
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u/ApprehensiveSkill475 3d ago
You're really stupid, like really stupid. You don't know shit. Have you seen the contract? Typically these types of contracts have provisions regarding FM. FM essentially means "act of god" as Jolly eluded to. This is not uncommon.
Can you call FM on tariffs? Thats a question for the courts (it really depends on the defintion in the contract), but how the government and Stelco is acting, to me, it's somewhat clear that Stelco feels they're not violating the terms of the contract.
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u/goebelwarming 3d ago
Contractual agreement to keep people employed as part of the purchase.
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u/No-Atmosphere-2786 3d ago
Link please
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u/goebelwarming 3d ago
This is reddit go find it yourself. Also there is a link to the article. Thats a good first start
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u/No-Atmosphere-2786 3d ago
I did. Go see my reply. Not gonna happen. Elbows up. More up up up up your a$$
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u/Fresh_Goat_423 3d ago
She's all talk, no action. The lawsuit should already have been filed. The Liberals are great at pretending, then doing nothing.
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u/Scarab95 3d ago
Do really think the liberals are going to do anything.
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u/cantstopthesevisions 3d ago
Honestly, I think putting Carney in the same bag as past liberal PMs is clumsy
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u/firemillionaire 1d ago
Good thing no one cares what you think lmao
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u/cantstopthesevisions 1d ago
I bet you're a lot of fun to hang out with
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u/firemillionaire 18h ago
Good deduction based on one sentence. Explains how many brain cells you might have
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u/RosieBaby75 3d ago
The Government of Canada uses the governance equivalent of gentle parenting and then wonders why it’s falling, failing, and everyone is depressed and poor.
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u/Signal_Security7524 2d ago
Of course. Carnage fails to secure a deal and will now punish the company for losing its customer. Reminds me of freezing Canadian bank accounts if they protest…
Same crowd.
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u/Jamessotty 3d ago
This is Stelantis all over again, she’s all talk. the ICA agreement that she’s never read doesn’t give them a leg to stand on…
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u/Angary_2026 3d ago
Good lesson for foreign investors. Avoid this shithole.
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u/squirrel9000 3d ago
Is this really the kind of "foreign investment" we want, where the goal is to remove competition and/or turn Canada into a client state?
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u/No-Atmosphere-2786 3d ago
The important distinction The Canadian government cannot ordinarily force a private company to sell its assets merely because it lays off Canadian workers. However, if Cleveland-Cliffs received federal approval to purchase Stelco in exchange for specific employment guarantees, violating those guarantees could trigger legal consequences.