Potential buyers already interested in Stelco, minister says

CBC English
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Oct 22, 2026
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Video Summary
AI GeneratedThe Minister of Industry has issued a formal letter of demand to Cleveland Cliffs following a determination that they breached their undertaking under the Investment Canada Act. The government is utilizing this legal process to present evidence of the breach and compel the company to comply with its obligations.
So today is a very important part of the legal process we just started.
It is a letter of demand that presents
not only the fact that we as a government have
determined, and I as Minister of Industry,
under the Investment Canada Act, I have determined
that there is a breach of the undertaking,
but also we detail how and we present the
evidence.
And so that's why it's a necessary process to force them to comply,
and that's why it
was so important to send that letter of demand
and also we've worked with
best lawyers in the country to prepare this demand.
Would you consider, if you can't find a buyer,
would you consider nationalizing Stelco, the operation there?
So of course in the options for divestiture
is definitely on the table
and we already know that there
are some potential buyers that are interested in
buying the Canadian assets of Stelco.
But that being said, first and foremost,
Cleveland Cliffs has obligation.
They need to abide by their undertaking.
