TLDR- Cleveland Cliffs bought Stelco, a Canadian steelmaker in 2024. As part of the approval process for the purchase the government stipulated that they must maintain the same level of unionized workers for at least 5 years. However, due to the "trade war" Cleveland Cliffs said Stelco can no longer compete in the galvanized steel market and they plan to lay off hundreds of workers.

It will be interesting to see how this will play out because there is likely no Canadian buyer for Stelco at any reasonable price. Maybe the feds force them to sell to China. Carney would love that. Or maybe we go full on Venezuela and nationalize the company. Industry Minister Melanie Joly is a hold over from the Trudeau administration so whatever does happen don't expect it to be a win for Canada.

Full article for those inclined. https://archive.ph/4YFYd