Stelco could face financial penalties and possibly be forced to sell its assets in Canada: Joly

https://www.youtube.com/channel/UChLtXXpo4Ge1ReTEboVvTDg https://ift.tt/0LE32Ti Minister of Industry of Canada Mélanie Joly spoke about possible penalties for Stelco after the Ontario-based steel manufacturer announced last month that pressure from U.S. tariffs had forced it to concentrate steel production at its Lake Erie Works plant in Haldimand and halt production at its plant in Hamilton. “It is our opinion that the commitments by Stelco, under the Investment Canada Act, are broken. And in that sense, we don’t think any market conditions or a different business plan can explain the behaviour of Stelco. The CEO has been clear, he has been advocating for the imposition of U.S. tariffs on steel and steel makers here in Canada,” Joly said. Joly continued, “We’re reviewing this Stelco letter that was sent to us… A few possible options of a court process would include: First, forced compliance of undertakings. Second: Financial penalties. And third, and more importantly, forcing divestiture, forcing Stelco to sell its assets here in Canada. We’ve hired the best lawyers in Canada to help us to deal with that and we will fight to keep the jobs in Hamilton.” She added that if Stelco wanted to come to the table to negotiate, the federal government would be “open to that.” For more info, please go to https://ift.tt/35Q6IYb Subscribe to Global News Channel HERE: http://bit.ly/20fcXDc Follow Global News on X HERE: http://bit.ly/1Toz8mt Follow Global News on TikTok HERE: https://ift.tt/CDQlqyx #GlobalNews