Strike curbs output at Canada’s largest copper mine

Colin McClelland | October 26, 2026 | 7:53 am Critical Minerals Markets Canada Copper 

Teck Resources’ Highland Valley copper project in British Columbia. (Image of Highland Valley Copper. Courtesy of Teck.)

Teck Resources (TSX: TECK.B; NYSE: TECK) is operating its Highland Valley Copper mine in British Columbia, Canada’s largest, at reduced capacity after workers went on strike Saturday, the company said.

The walkout involves United Steelworkers Local 7619, which represents about 1,200 workers at the operation near Logan Lake, about 200 km northeast of Vancouver. All 944 members who participated in the strike vote supported a walkout, the union said in a statement.

Teck remains committed to securing a collective agreement that is “fair and reasonable for employees and supports the ongoing viability of the operation,” the company said in an Oct. 24 release.

Highland Valley is Canada’s largest copper mine, with an approved extension set to keep it operating through 2046. The strike comes as Teck pursues its merger with Anglo American, a combination expected to create one of the world’s five largest copper producers as demand for the metal grows from power grids, electric vehicles and data centres.

Wages issue

Shares in Teck Resources gained 1.6% to $84.01 apiece on Monday morning in Toronto as wider markets rose. The miner has a market capitalization of C$41.2 billion ($29.3 billion).

The production impact will depend on the strike’s duration, Teck said. Contingency measures prioritize safety and environmental management, it added.

The dispute centres on wages, pensions and staffing. The union is seeking improvements to pay and retirement benefits, arguing the mine is struggling to recruit and retain skilled workers.

Highland Valley produced 127,100 tonnes of copper in 2025, accounting for about 28% of Teck’s total output of 453,500 tonnes, according to the company’s annual production update.

The stoppage follows unsuccessful contract negotiations and the expiry of a 72-hour strike notice. The previous collective agreement expired Sept. 30, Teck said in its notice.

The union didn’t immediately respond to a request for comment outside regular business hours on Monday.

Teck says strike begins at Highland Valley Copper mine in British Columbia

Reuters | October 25, 2026 |

Teck Resources (TSX: TECK.B) said on Saturday workers had started a strike at its Highland Valley Copper mine in British Columbia, with operations continuing at reduced capacity.

The impact on overall production remains dependent on the duration of the strike, Teck said.

The labour action follows the expiry of a 72-hour notice served by United Steelworkers (USW) Local 7619 after contract talks failed to produce a new collective agreement.

The United Steelworkers union represents about 1,200 workers at Highland Valley, according to its website.

In its strike notice, the union said it is seeking higher wages and improved pensions, arguing the mine faces challenges attracting and retaining skilled workers amid staffing shortages.

Teck said it remains committed to negotiating a new collective agreement.

The USW did not immediately respond to a request for comment.

(Reporting by Ananya Palyekar in Bengaluru; Editing by David Gregorio and Nia Williams)

PUBLIC OWNERSHIP & WORKERS CONTROL OF STELCO

Stelco's US owner says steelmaker had 'strongest' quarter since acquisition as massive layoffs underway

Story by CBC/Radio-Canada
• 2h •

Cleveland-Cliffs says Stelco's third quarter this year was its "strongest" since it was acquired by the U.S. company in 2024.

At the same time, hundreds working for the steelmaker in Ontario are set to lose their jobs in Hamilton and Nanticoke. Layoff notices started rolling out earlier this month and are continuing.

"Third quarter was Stelco’s strongest ... since we acquired the company two years ago. The Canadian hot-rolled market has improved substantially," Cleveland-Cliffs CEO Lourenco Goncalves said in a statement Monday.

"However, more needs to be done by the Canadian government to correct a clearly oversupplied market for galvanized steel in Canada."

Stelco Holdings Inc. said on Sept. 28 it planned to idle part of its Hamilton plant in order to "ensure the survival" of the company as U.S. tariffs has squeezed its sales.

Ron Wells, president of United Steelworkers Local 1005, told CBC that 333 layoffs were expected in Hamilton. USW Local 8782 president John McElroy said up to 50 layoffs are expected at the Lake Erie Works in Nanticoke.

During an earnings call Monday, Goncalves said all of Cleveland-Cliffs's major profit drivers increased.

He praised U.S. President Donald Trump's trade policies, saying they are "helping create the conditions needed for companies like ours to continue investing in [local] communities and expanding domestic production," despite Stelco citing tariffs as a key reason for economic struggles.

Related video: Canada’s steel manufacturing workforce has halved since 2003 as Trump’s tariffs add new pressure (#Investing)

Steel sales under 'best price environment in 3 years'

In June, Trump signed an executive order applying up to 50 per cent tariffs to certain steel and aluminum imports from Canada.

"We are currently selling steel under the best price environment in three years," said Goncalves.

"These are the prices we need to run a thriving business that grows employment, pays its workers well, reinvests in people and equipment, and protects our critical supply chains and national defence."

Goncalves said the success of the hot-rolled steel business was a direct consequence of the Canadian government's system tariff-rate quota, which limits the amount of product that can be imported.

The federal government has said Cleveland-Cliffs's purchase of Stelco included promises to employ "at least the same number of unionized employees and the vast majority of non-unionized employees" as there were in 2024 and through 2029.

Federal Industry Minister Mélanie Joly said "a business decision or even a change in market conditions cannot be used to not follow their commitment."

Goncalves reiterated Stelco's position that the layoffs are a temporary measure until Canada and the U.S. reach a trade agreement.


Stelco steel works in Hamilton are pictured on Oct. 9. The U.S.-based steelmaker announced 300 to 350 layoffs amid the Canada-U.S. trade war. (Evan Mitsui/CBC)© Evan Mitsui/CBC

He said the Canadian market is "exposed" and that he has been asking the government to block or "severely reduce" the importing of galvanized steel into the market.

If that happens, he said, "Stelco can immediately bring back all the temporarily laid-off workers."

He also said he's willing to sell Stelco and is prepared to fight the Canadian government in court to preserve the plan to lay off workers


Earlier this month, Joly said Ottawa is considering a range of legal options against Cleveland- Cliffs.

The minister said the government is examining its options under Section 40 of the Investment Canada Act. They could include financial penalties, a court order forcing the company to comply with its commitments or an order requiring it to sell its Canadian assets.
CEO's messaging 'confusing,' union rep says

Wells told CBC Hamilton on Monday that workers are feeling "underappreciated" as layoffs proceed.

"They're dedicated, loyal employees" he said. "They work weekends, they work holidays, they missed their kids' hockey games, graduations, and that loyalty isn't being repaid."

Wells also called Goncalves's messaging "confusing."


"He said Stelco's Q3 results were good, they're profitable. If they're profitable, why'd he shut down our [cold-rolled] and coated [steel] departments?" Wells said.

He also noted that Cleveland-Cliffs is advocating for a reduction in foreign imports, adding that "the U.S. [and] Cleveland-Cliffs might be part of that problem" as a large steel importer to Canada.

"We still hope Minister Joly follows through with her commitment to enforce the Investment Canada Act," Wells said.

 

Canadian steelmakers offset some US tariff pain with domestic demand

Reuters | October 16, 2026 | 

(Image: Tenaris. )

Canada’s steel industry, among the sectors hit first and hardest by US President Donald Trump’s tariffs, is starting to turn a corner thanks to an uptick in mining, energy and AI data center projects as well as government support, although the impact has not been even across the country.

While Canada is a small producer globally and steel contributes less than 1% to national GDP, it is one sector in which Prime Minister Mark Carney’s efforts to make Canada’s economy less reliant on the United States appear to be having some success, albeit with a heavy dose of government intervention.

Steel companies have been diversifying away from the US and focusing on domestic demand since Trump increased tariffs on imported steel from 25% to 50% in June 2025, steelmakers, analysts and union representatives said.

Canada used to send around 90% of its steel exports to the US, but shipments plummeted by 60% in 2025, according to the Canadian Steel Producers Association. Hundreds of steelworkers have been laid off.

But the share of steel used in Canada that was produced domestically rose to 51% in 2025, up from 41% in 2024, according to United Steelworkers, the sector’s main labour union. The import share declined from 59% to 49%. USW calculated the data based on World Steel Data and Canada’s imported steel data, said Guio Jacinto, an economic researcher for the union.

The green shoots are mostly appearing in western Canada, where some large industrial projects including a 1.2 gigawatt data center in Saskatchewan are under construction. Carney said a new oil pipeline to the Pacific Coast would also boost demand for steel.

Canadian steel demand is estimated to have grown around 2.7% in 2025 and is projected to increase by about 0.9% in 2026, according to an OECD report published in July.

“What we are seeing right now is that more Canadian companies are competing for domestic market, which means there is less space for steelmakers from outside,” said David Fritz of Alberta-based Supreme Steel, which manufactures fabricated steel.

“I feel optimistic for the outlook of fabricated steel market in Canada, there are enough projects in pipeline to support this industry,” Fritz added.

Government intervention

At a time of excess global capacity, Canadian steel would struggle to compete with lower-cost producers in China and South Korea without import quotas. Canada produces around 13 million tonnes of primary steel annually.

In May, the federal government announced C$1 billion ($700 million) in loans to the steel, aluminum and copper industries as working capital funding to get through the impact of US tariffs. The government extended a cap on foreign steel coming into the country, known as tariff rate quota, to address the issue of foreign steel dumping

Canada’s adaptation to Trump’s tariffs has been closely watched internationally, as Carney is one of the few global leaders to retaliate against US tariffs despite his country’s overwhelming economic dependence on the US.

The prime minister also threatened legal action against US steel producer Cleveland-Cliffs (NYSE: CLF) over plans to cut hundreds of jobs at its Hamilton, Ontario, facility.

Cleveland-Cliffs, which acquired Canada’s Stelco in 2024, said in its second-quarter earnings there was steep international competition for the galvanized steel produced at the Hamilton plant, but the market for its specific hot-rolled steel produced elsewhere in Canada contributed to improved guidance for the second half of 2026.

Cleveland-Cliffs will report quarterly results on October 19, potentially giving a clearer picture of the future of its Canadian operations.

Domestic market pivot

Luxembourg-headquartered Tenaris, which manufactures steel pipes for energy companies at its Sault Ste Marie, Ontario, facility, said it recently invested C$306 million to expand production of its Canadian-made products for Canadian customers.

“This strengthens Tenaris’s commitment to produce in Canada what Canada’s oil and gas industry needs. As a result, the company’s exposure to the United States tariffs is limited,” said Martín Castro, president of Tenaris in Canada, in an email.

The largest Canadian steel producer, Algoma (TSX: ASTL), said in December it would lay off 1,000 workers in Ontario – accounting for nearly all of the sector layoffs nationally since tariffs were imposed. But the company’s CEO recently touted the strengthening domestic market, citing growing infrastructure, construction and defence demand for its discrete steel plate.

“While the 50% US Section 232 tariffs continue to effectively foreclose our traditional access to the US market, our pivot to a Canada-centric, plate-first strategy is working,” CEO Rajat Marwah said on an earnings call in July.

Marty Warren, head of the Canadian branch of the USW, said there has been a turnaround in the industry but a bigger revival would require replacing even more imported steel with domestic production. The union also wants Canada to tighten the quota on imported steel and put tariffs on steel used in the US auto and aviation industries, which are currently exempt from broader retaliatory tariffs by Canada.

Canada’s finance ministry said the steel sector remained exposed to tariffs and the government was encouraging investment through a number of policies, such as buying Canadian steel for infrastructure projects.

“This is evidenced by the domestic demand cycle we are enabling through the Buy Canadian policy and more generally the government’s growth agenda which will require Canadian steel and workers,” the ministry said in an emailed statement.

(Divya Rajagopal in Toronto, additional reporting by Promit Mukherjee; Editing by Caroline Stauffer and Nia Williams)

 

Former Ilva steelworkers to strike as shutdown threatens thousands of jobs in Italy

Copyright Copyright 2021 The Associated Press. All rights reserved.

By Euronews

Published on 09/10/2026 

Acciaierie d'Italia has announced a suspension of production in Taranto pending a ruling from Italy's Supreme Court of Cassation, with plants in Genoa and Novi Ligure also set to shut down temporarily by 15 November.

Workers at all former Ilva sites in Italy are set to go on strike on 12 October, unions have announced, following Thursday's meeting with the government at Palazza Chigo.

Meanwhile, production at the hot end of the Taranto steelworks was suspended on Friday. More than 2,000 workers in Italy remain at risk of losing their jobs.

Acciaierie d’Italia has announced plans to shut down operations at plants in Taranto, Genoa, and Novi Ligure.

The undersecretary to the prime minister's office, Alfredo Mantovano, stressed the need for an emergency decree that includes social protections for workers and provides for a wage-support scheme that would not be tied to the closure of operations but would instead help keep the business going.

The government is expected to submit it at the next council of ministers, scheduled for Tuesday.

Taranto

On Friday, all production at the hot end of the Taranto steelworks was suspended, in compliance with a ruling by the Milan Court of Appeal.

The facilities will remain on heated standby, operating at the minimum technical level required to keep them warm but without producing steel.

Acciaierie d’Italia confirmed the move in a note sent to the prefect, local authorities, and law enforcement.

The shutdown will remain in place until the Court of Cassation rules on the appeals lodged by Ilva and Acciaierie d’Italia on 20 October.

'Completely unacceptable'

The company has also announced that by "15 November" there will be a "temporary general shutdown" of the former Ilva plants in Genoa and Novi Ligure.

"The announcement of a lockout is completely unacceptable," said the mayors of Genoa and Novi Ligure, Silvia Salis and Rocchino Muliere.

"It is an untenable prospect for workers, for Genoa and Novi Ligure, and for our country’s entire steel industry," Salis warned.

For the President of the Liguria Region, Marco Bucci, and his Piedmont counterpart, Alberto Cirio, "the announced closure of the former Ilva plants in Cornigliano, Novi Ligure and Racconigi is extremely serious news, not only for Liguria and Piedmont, but for the entire Italian steel industry, which is strategic for the country’s industrial future."

The trade unions also describe the idea of closure as "unacceptable."

"The workers have shown a great sense of responsibility, and we must therefore ensure that the cost of decisions and mistakes – which are not the workers’ fault – is not passed on to all the workers at the former Ilva plants," said Michele de Palma, feneral secretary of Fiom-Cgil, who was present at the meeting at Palazzo Chigi.

According to the USB, a country’s industrial strategy "is not decided by the judiciary," with Sasha Colautti, a member of the national executive, insisting that the government’s powerlessness in the face of the courts must not become an excuse.

This situation could take a further turn for the worse if the blast furnaces at Taranto were also to be taken off heat before the Court of Cassation issues its ruling.

The permanent shutdown of the hot end would leave no possibility of a subsequent restart, marking the definitive end to production and rendering any decision by the Supreme Court null and void.

Undersecretary Mantovano has stated that the government is "assessing whether there is scope to avoid a complete shutdown so as not to cause irreparable damage to the plants," before focusing on green steel production using DRI plants (which do not use blast furnaces) and electric furnaces, provided this is part of a "credible industrial plan."

 

LNG Canada to import steel from China for $33B project in Kitimat, B.C.

By

Brett Lubkiwski

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Published: October 02, 2026 

Wudang, a liquefied natural gas (LNG) tanker, fills up at an LNG Canada facility, in an aerial view, in Kitimat, B.C., on Thursday, November 13, 2025. THE CANADIAN PRESS/Ethan Cairns (ETHAN CAIRNS)

LNG Canada has confirmed it will be using Chinese steel for its upcoming Phase 2 expansion project in Kitimat, B.C.

In a statement to CTV News, an LNG Canada spokesperson says the decision is not a preference but a necessity.

“The challenge is not a preference for offshore steel, but the specialized fabrication capability required for modules of this scale and complexity. There are no fabrication yards in Canada that can manufacture and deliver the additional modules required for Phase 2,” the statement reads.

The company also says that “marine access is essential” in its decision to import steel from overseas.

“Modules of this scale cannot be transported to Kitimat by road; they must be fabricated at a facility with direct access to tidewater and shipped by sea,” the spokesperson said. “Once in Kitimat, they can be received through LNG Canada’s existing module offloading facility, moved into position and integrated into the plant.”

LNG Canada added that the majority of the steel used in construction of a pipeline compressor for Phase 2 will be Canadian-sourced.

“Coastal GasLink is targeting almost 15,000 tonnes of steel from Canadian suppliers or mills, representing approximately 70 per cent of the steel required for that work,” the spokesperson said.

LNG Canada announced Tuesday that it’s going ahead with the Phase 2 expansion of the facility, which would double its capacity by the early 2030s, when the project is expected to be completed.

“Over $30 billion in LNG Canada (Phase) 2 will make LNG Canada the second-largest facility of its kind in the world,” said Prime Minister Mark Carney during Tuesday’s news conference.

Carney also said the expansion will create “thousands of new jobs” while connecting Canadian energy with global markets.

Phase 2 of the project will create two new processing units, also referred to as trains, at the Kitimat facility, increasing production from 14 million tonnes to 28 million.

The federal Conservative Party is criticizing the decision to use Chinese steel, saying it goes directly against the prime minister’s promise to “buy Canadian.”

“The fact that the steel fabrication cannot be done in Canada is another failure of Mr. Carney’s government to create the environment for steelmaking here at home,” says Conservative MP for Hamilton East-Stoney Creek Ned Kuruc in a statement issued Friday.

Kuruc also pointed to the partial shutdown of steel manufacturer Stelco’s plant in his hometown of Hamilton, putting hundreds of people out of work.

“Now, we learn that the project that the prime minister has touted as the second-largest private investment in Canada will use Beijing steel, at the exact time as our steelworkers are hurting the most,” said Kuruc.

The expansion will also include the addition of a new LNG storage tank, condensation tank, loading berth and expanded processing systems.

The company exports natural gas that is piped from northwestern Alberta and northeastern B.C. to the plant in Kitimat, where it is turned into a liquid state and then loaded onto specialized tankers bound for Asian markets.

LNG Canada is a joint venture between Shell, PetroChina, Malaysia’s Petronas, Japan’s Mitsubishi Corp. and South Korea’s KOGAOpens in new window

Brett Lubkiwski

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CTV News Vancouver Journalist

Carney accuses US steelmaker of betraying Canadian workers after layoffs tied to Trump tariffs

ROB GILLIES
Updated Tue, September 29, 2026

AP


Canadian Prime Minister Mark Carney speaks after LNG Canada said it will go ahead with the Phase 2 expansion project at its LNG terminal in Kitimat, British Columbia, during an announcement in Vancouver, Tuesday, Sept. 29, 2026. (Darryl Dyck/The Canadian Press via AP) (Darryl Dyck/The Canadian Press via AP)


TORONTO (AP) — Canadian Prime Minister Mark Carney accused the U.S. owner of steelmaker Stelco, a subsidiary of Cleveland-Cliffs, of betraying Canadian workers Tuesday after it announced layoffs it attributed in part to U.S. President Donald Trump's tariffs — tariffs Cleveland-Cliffs' chief executive has publicly championed.

Carney singled out Cleveland-Cliffs CEO Lourenco Goncalves, noting that he had applauded Trump's steel tariffs. Goncalves has called the 50% tariffs "a necessary step" to protect U.S. steelmakers.

"Our thoughts are with the workers and the families who have been betrayed by the company," Carney said.

Carney also threatened legal action against Cleveland-Cliffs, saying the Ohio-based company has binding employment obligations stemming from its C$3.4 billion ($2.4 billion) takeover of Stelco in 2024.

Stelco said up to 500 workers could be affected as it indefinitely idles cold-rolled and coated operations at its Hamilton, Ontario, plant and shifts production to its Lake Erie facility in Nanticoke, Ontario.

Cleveland-Cliffs said Monday the move does not shift steel production out of Canada: Output will be concentrated at Stelco's Lake Erie Works in Nanticoke, Ontario, where it expects a significant number of affected Hamilton workers to be absorbed, with overall steel tonnage unchanged.

In a memo to employees, Stelco said U.S. tariffs had "significantly shrunk the market" for its cold-rolled and galvanized products. The company said demand in markets it traditionally serves fell almost 25% in the second quarter compared to the 2024 quarterly average, including a 10% decline in Canada.

The layoffs come amid an escalating Canada-U.S. trade war in which Trump has imposed 50% tariffs on Canadian steel and other goods and Canada has retaliated with tariffs of its own. At a White House event Monday announcing a new $15 billion steel plant in Iowa, Trump credited his tariffs with reducing foreign steel imports and attracting investment to the United States, saying companies were building plants there "because they don't want to pay tariffs."

Carney said the federal government had offered financial assistance to preserve jobs but did not disclose the amount or terms.

"There's money on the table from the federal government," Carney said. "The company made representations and has legal obligations for employment. We intend to use all powers that we have and pursue them to the fullest extent of the law."

The Canadian government approved Cleveland-Cliffs' takeover of Stelco in October 2024 on the condition that it meet legally binding five-year employment commitments, including maintaining at least the same number of unionized workers and the vast majority of nonunion employees.

Cleveland-Cliffs did not immediately respond to a request for comment on Carney's remarks.

Hamilton steel plant to lay off hundreds of workers as U.S. tariffs prompt 'survival' move

CBC
Mon, September 28, 2026

Stelco Hamilton Works production facility is seen in September 2024. Stelco said it will indefinitely idle its cold-rolled and coated operations at its Hamilton Works plant on Monday. (Patrick Morrell/CBC - image credit)


Stelco Holdings Inc. said on Monday that it plans to idle part of its Hamilton plant in order to "ensure the survival" of the company, as U.S. tariffs squeeze its sales.

Stelco said the decision will impact up to 500 employees.

In a memo obtained by CBC News on Monday, the company said it will indefinitely idle its cold-rolled and coated operations at its Hamilton Works plant, with operations set to begin winding down on Oct. 9.

Ron Wells, president of United Steelworkers Local 1005, estimates 350 steelworkers will be laid off. He says he was briefed on the situation in a meeting with the company on Monday morning.

"Obviously, we got to meet with the company, and find out who's getting laid off, [and] make sure it's done by seniority," Wells told CBC News on Monday. "Christmas ain't that far away, and we have no idea the duration of these layoffs … People are concerned. I don't blame them."

The company said this will not impact its ability to supply hot-rolled steel products.

"This is an unfortunate but necessary action to help ensure the survival of Stelco in what has become a challenging and unsustainable market for cold-rolled and coated products caused by the ongoing and sustained trade disruptions impacting the Canadian steel industry," Stelco vice-president of sales Frederic Fafard stated in the memo.

An aerial photo of the Stelco Hamilton steel production facility. (Patrick Morrell/CBC)

U.S. President Donald Trump signed an executive order in June applying up to 50 per cent tariffs to certain steel and aluminum imports from Canada.

"Stelco's market for cold-rolled and galvanized products has contracted significantly, while import penetration for these products remains at heightened levels," Fafard said in the memo.

"While the measures taken by the federal government in Canada have served to reduce imports into Canada overall, import volumes remain at levels that prevent Stelco from being able to bridge the gap in the market created by the trade crisis."

Ohio-based Cleveland-Cliffs acquired Hamilton-based Stelco in a $3.4-billion Cdn cash-and-stock deal that closed in November 2024. In a news release announcing the deal, Stelco's then-CEO Alan Kestenbaum stated the transaction "keeps national interests at the forefront and recognizes the importance of the workforce."

"We're very disappointed," Wells said. "In particular, when Cliffs bought us in the fall of 2024, they made commitments. One of those commitments was to maintain the same number of unionized employees."

In an email to CBC News on Monday, a Cleveland-Cliffs spokesperson confirmed Joly has been in touch with chairman and CEO Lourenco Goncalves.

"Both Cliffs and the Canadian government have the interests of the Stelco workers in mind, and will continue to work together to minimize the impact of the current market situation on Canadian workers," wrote Pat Persico, the company's senior director of corporate communications.

She said that while Stelco is idling some of its operations in Hamilton, the company's total output of steel will not be impacted as it consolidates production at its Lake Erie Works.

"Very importantly, job opportunities at Lake Erie Works will be offered to Hamilton employees," Persico wrote in a previous email.

"We expect that a significant number of employees affected by the indefinite idle at Hamilton should be absorbed at Lake Erie Works."

Wells told CBC News on Tuesday that his union was informed that 46 positions would be offered.

Industry Minister 'extremely disappointed'

In a statement on Monday, Industry Minister Mélanie Joly slammed the decision to lay off workers, while noting Ottawa had offered to help Stelco weather the impact of U.S. tariffs.

"Our government has made clear to the company that we are ready and willing to provide financial support to sustain operations and protect jobs. Its decision to reject these practical proposals and continue with layoffs is extremely disappointing," she said.

"Stelco and Cleveland-Cliffs have made significant commitments to Canadian steelworkers. We will use every lever possible to defend Canadian industry, protect jobs, and secure our supply chain."

Trump announces new steel plant in Iowa

On Monday, U.S. President Trump touted a new $15-billion US investment plan by Minnesota-based steelmaker Mesabi Metallics as evidence that American tariffs on imported steel are working as his administration intended.

The company announced plans to build a massive plant in Iowa, with production set to begin in 2030.

"I imposed powerful 50 per cent tariffs on all foreign steel, and now our steel industry is roaring back to life." Trump said at a news announcement in the Oval Office. "Everyone is building their plant here because they don't want to pay tariffs. It's really not that complicated."

The move is raising concerns north of the border, where Kevon Stewart, director of United Steelworkers District 6, said his phone has been lighting up with calls from distressed Canadian workers.

"Everything is timing right now," he told CBC News on Monday.

"This is not only a wake-up call, because the call for action has been there before. But we've got to come up with a game plan that ensures workers are protected if and when these measures are implemented."

He said such protections could include increased benefits, or removing the waiting time for benefits.

Colin Mang, an economist at McMaster University in Hamilton, said the layoffs announced Monday are "a consequence of our trade war with the United States." For Stelco, he said the situation is worsened by a steady flow of foreign products coming into Canada.

"The lack of access to the American market has meant that we have a surplus of steel production capacity here in Canada, and there just isn't enough domestic Canadian demand in order to absorb all of the output from the steelmakers here," Mang told CBC News.

"The Canadian government has worked to restrict the amount of steel coming into Canada, but when you look at a variety of steel products, particularly the kinds of flat products that Stelco manufactures, Canada has imported about 1.2 million tons from other trading partners around the world. That's because we continue to have free trade agreements with a variety of countries. So, it's very difficult to restrict imports from our other trading partners."

Blair Dickerson, president of the Canadian Steel Producers Association, said his thoughts are with the workers impacted by Monday's announcement. He also called upon Canada's federal government and the Trump to resolve their ongoing trade tension.

"Days like today demonstrate how challenging the tariff situation is, and provide a stark reminder as to the urgency of finding a solution," Dickerson said in an email.

"Recognizing the Government's support to date, Canada must continue and deepen the work of keeping unfairly traded steel out of our market, enforcing our measures at the border, and ensuring our producers can be competitive here at home."

Hamilton Mayor Andrea Horwath said she plans to fight to ensure Stelco and Cleveland-Cliffs live up to the commitments their executives made to workers in her city.

"The fight is not over," she told the CBC's As It Happens radio program on Monday

"This particular company has been very clear ... that they support Donald Trump and his tariffs, and desire to pull all steelmaking back into the United States.

Wells, president of United Steelworkers Local 1005, said it's ironic for a company's whose leadership supports Trump to criticize U.S. tariffs for eroding its business.

"The CEO, Lourenco Goncalves, he's the biggest supporter of Trump and his tariffs. So, it's tough to have any sympathy when you know they're the basically the master of this disaster."

Cleveland-Cliffs slides as report shows Stelco idling plant over US tariffs

Luke Juricic
Mon, September 28, 2026 


Investing.com -- Cleveland-Cliffs Inc. shares tumbled nearly 8% in late Monday trading following reports that its Canadian subsidiary, Stelco Holdings Inc., plans to halt operations at a key Ontario processing facility. The decline reflects growing market concern over the compounding toll of trade frictions on North American steel supply chains.

According to a letter to customers obtained by Bloomberg News, Stelco expects to indefinitely idle its cold-rolled and coated operations at Hamilton Works in the coming weeks. The move highlights the acute pressures facing Canadian steelmakers as elevated U.S. import tariffs continue to disrupt regional trade flows and contract domestic demand for downstream products.

The operational curtailment marks a significant setback for the Canadian steel sector, which has struggled to adjust since the U.S. maintained a 50% tariff under Section 232 of the Trade Expansion Act. While Ottawa implemented countermeasures to curb foreign imports, Stelco noted that those actions proved insufficient to offset the market contraction triggered by restricted access to the U.S. market.

To mitigate the fallout, Cleveland-Cliffs is restructuring its operational footprint by shifting primary manufacturing focus to its more integrated Lake Erie Works facility in Nanticoke, Ontario. In an emailed statement sent to Bloomberg, Cliffs spokesperson Patricia Persico emphasized that total steel output will remain unchanged, though the product mix will pivot toward a higher concentration of hot-rolled coil.

The wind-down at the Hamilton facility is scheduled to begin on Oct. 9 and is expected to result in approximately 350 job cuts, according to local reporting from the Hamilton Spectator. Because Hamilton Works functions primarily as a downstream finishing plant, concentrating upstream production at Lake Erie Works allows the parent company to preserve overall tonnage while curtailing higher-cost processing lines.

Stelco assured clients that it will honor existing customer orders during the transition while maintaining full capacity for hot-rolled steel deliveries. Investors, however, appear focused on broader margin compression, watching closely to see whether Cleveland-Cliffs can successfully absorb trade-driven demand shifts without sacrificing profitability across its expanded North American network.

Why Cleveland-Cliffs (CLF) Dipped More Than Broader Market Today

Zacks Equity Research
Mon, September 28, 2026


Cleveland-Cliffs (CLF) ended the recent trading session at $11.22, demonstrating a -7.88% change from the preceding day's closing price. This change lagged the S&P 500's 0.77% loss on the day. Elsewhere, the Dow lost 0.67%, while the tech-heavy Nasdaq lost 0.92%.

Shares of the mining company witnessed a gain of 4.82% over the previous month, beating the performance of the Basic Materials sector with its loss of 9.1%, and the S&P 500's gain of 0.96%.


Market participants will be closely following the financial results of Cleveland-Cliffs in its upcoming release. In that report, analysts expect Cleveland-Cliffs to post earnings of $0.24 per share. This would mark year-over-year growth of 153.33%. In the meantime, our current consensus estimate forecasts the revenue to be $5.6 billion, indicating a 18.25% growth compared to the corresponding quarter of the prior year.

Regarding the entire year, the Zacks Consensus Estimates forecast earnings of -$0.04 per share and revenue of $21.1 billion, indicating changes of +98.39% and +13.4%, respectively, compared to the previous year.

Investors should also note any recent changes to analyst estimates for Cleveland-Cliffs. Recent revisions tend to reflect the latest near-term business trends. Hence, positive alterations in estimates signify analyst optimism regarding the business and profitability.

Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable rating system.

The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed a 7.69% increase. As of now, Cleveland-Cliffs holds a Zacks Rank of #3 (Hold).

The Steel - Producers industry is part of the Basic Materials sector. With its current Zacks Industry Rank of 68, this industry ranks in the top 28% of all industries, numbering over 250.

The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Trump unveils plans to build $15B steel mill in Iowa

U.S. President Donald Trump answers questions from reporters during an announcement in the Oval Office at the White House on Sept. 28, 2026 in Washington, DC. He shared plans to build a $15 billion steel plant spearheaded by Mesabi Metallics. · Manufacturing Dive · Kevin Dietsch via Getty Images

Nathan Owens
Tue, September 29, 2026 
 Manufacturing Dive. 

Dive Brief:

President Donald Trump on Monday announced a Minnesota steelmaker's plans to invest $15 billion in Iowa to build what would become the largest U.S. steel mill.


The Mesabi Metallics-led project will create 1,750 jobs and add 10 million tons of annual steel production capacity, Trump said at the Oval Office. It is also expected to generate $95 billion for the U.S. economy during construction and the first 10 years of operations.


The company, which is backed by India-based conglomerate Essar Group, recently opened an iron ore mine in Minnesota that will supply pellets to the Iowa mill once completed. Steel production is set to begin in 2030, Trump said. Federal and state funding details have yet to be disclosed.


Dive Insight:

The Trump administration has made domestic metals production a top priority, citing national security and military supply concerns amid a war with Iran.

At the same time, Trump's tariff strategy has cut imports of foreign steel and raised U.S. steel prices. He doubled the Section 232 rate on metal imports to 50% last summer and has since made adjustments to close loopholes and allow exemptions for certain products.

On the other hand, higher raw material costs are squeezing manufacturers and resulting in higher prices for consumers. Higher tariffs also helped the United States surpass Japan last year as a crude steel producer for the first time since 1999.

"Our steel industry is roaring back to life," Trump said Monday. "Everyone's building their plant here because they don't want to pay tariffs."

Mesabi Metallics plans to use electric arc furnace technology along with recycled scrap and direct-reduced iron mined from Minnesota to produce U.S. steel in Iowa, according to its news release. It is the company's first steel mill project and billed as the largest in U.S. history. The project is also expected to create 6,000 construction jobs.


In addition to the $15 billion investment, Mesabi Metallics has agreed to spend an additional $3 billion to complete its iron ore mine in Nashwauk, Minnesota. More than 1,500 construction workers are already on site there, along with 200 employees, with the goal of upstarting operations to make what the company is calling Patriot Pellets.

"This is a major moment for U.S. made steel," Mesabi Metallics CEO Joe Broking said in a statement.

Federal and state funding details were limited at the White House. Trump said "we're doing very little" from the public sector. Commerce Secretary Howard Lutnick added that the "deal is done" and is being funded by private money. Whether the project was approved for any state incentives is unclear.


The Iowa mill is one of several projects supported by Trump to bolster domestic metals production. Last year, Louisiana Gov. Jeff Landry joined the president at the White House to announce Hyundai Steel Company's $5.8 billion steel mill plans. Trump also expressed strong support for a $4 billion aluminum smelter coming to Oklahoma that is led by Emirates Global Aluminum and Century Aluminum.


Both projects have received strong pushback from local residents and advocacy groups who raised environmental and nuisance concerns.

Hyundai Steel held a groundbreaking for its Louisiana mill on Sept. 4. The aluminum smelter has been delayed until April 2027 after Inola's town council voted to extend its initial 60-day pause, the Oklahoma Voice reported. The project's developer followed up the decision with an economic impact study, highlighting the job creation and money generation opportunities.

"We're doing a tremendous aluminum plant in Oklahoma, one of my favorite places in the whole world," Trump said. "That's going to be unbelieveable."

Recommended Reading

Hyundai Steel project moves ahead despite local pushback

Mesabi plans $18bn investment to combine iron ore mine and steel complex

Mesabi announced the project during an event at the White House. 

Credit: Mesabi Metallics. 

Shree Mishra
Tue, September 29, 2026 

Essar Group-backed Mesabi Metallics has announced a $18bn investment to establish a fully integrated steel operation, combining its iron ore mine on the Mesabi Iron Range in Minnesota with a proposed steel-making complex in Iowa, US.

The company revealed details of the project during an event at the White House.

Of the total, $3bn is earmarked for completing the iron ore mine in Nashwauk, while $15bn is allocated to the development of the new Iowa steel complex.

The project aims to create more than 8,000 jobs, including in excess of 6,000 construction roles for the Iowa complex and 1,750 permanent positions at full operation.

More than 1,500 construction workers and 200 full-time employees are currently on-site in Nashwauk, with plans to reach 350 permanent roles once the mine becomes fully operational.

Mesabi CEO Joe Broking said: "This is a major moment for US-made steel, combining the highest quality direct-reduction grade iron ore pellet from Minnesota's Iron Range with the most advanced DRI [direct reduced iron] to EAF [electric arc furnace] steel-making technology in Iowa to supply the high-quality, all-American steel that our national defence, cars and trucks, shipbuilding, household appliances, energy and infrastructure depend on."

The Nashwauk operation, situated on the Mesabi Iron Range, is said to be the first new iron ore mine constructed in the US in 50 years.


Iron ore sourced from the Minnesota site will be used to manufacture direct-reduction-grade iron ore pellets, called 'Patriot Pellets', intended for use in the Iowa steel facility's production process.

At the Iowa complex, EAFs will be fed with a combination of hot, freshly reduced iron from the plant's own direct-reduction process and scrap steel.

By using iron ore that has had its oxygen removed at temperatures below melting point and feeding the resulting metallic iron into the furnaces while still hot, the process is designed to cut energy consumption and lower emissions compared with conventional blast furnace methods.

The company estimated that over the construction period and the first ten years of full operations, the investment would produce $95bn in total economic output across the region.

According to Mesabi, this integrated approach aims to develop a fully domestic steel supply chain, with all major production steps based in the US.

In April 2026, Mesabi obtained $150m in funding from the Macquarie Group for its iron ore mine and pellet plant in the US.

A $15 Billion Iowa Steel Mill Is Coming. What It Means for Nucor and Cleveland-Cliffs

Omor Ibne Ehsan
Tue, September 29, 2026 

Key takeaways

The White House announced the construction of a $15 billion steel mill in Iowa by Mesabi Metallics, which will start production at 7.5 million tons a year and rise to about 10 million tons by 2030.

Quick Read

The $15B Iowa mill mirrors NUE's electric arc furnace model, pressuring CLF's higher-cost integrated operations when first steel arrives in 2030.


CLF dropped nearly 8% after Stelco indefinitely idled Canadian operations, showing how tariffs that prop up U.S. prices simultaneously shrank Cliffs abroad.


On Monday, September 28, 2026, The White House announced that Mesabi Metallics will build a $15 billion steel mill in Iowa, starting at 7.5 million tons a year and rising to about 10 million tons. Mesabi is privately held and foreign-owned, so you cannot buy shares in it.

andresr / Getty Images

For Nucor (NYSE:NUE) and Cleveland-Cliffs (NYSE:CLF), the plant pressures price. First steel is expected in 2030, making this a valuation question today and an earnings question later, according to Mining.com.
Iowa Will Use the Electric Furnace Route Nucor Already Runs

The mill will convert iron ore into direct reduced iron and melt it in electric arc furnaces. Nucor already runs electric arc furnaces, while Cleveland-Cliffs operates traditional integrated operations that management describes as "miners, pellet producers, iron makers, steel makers, and downstream manufacturers."

The planned output is at about one-tenth of last year's U.S. steel production. The Export-Import Bank of the United States announced a $770 million direct loan for the associated Minnesota iron ore mine, and administration officials tied the project to steel tariffs.

Cleveland-Cliffs already dropped 7.84% on September 28 after its Canadian unit, Stelco, reported plans to indefinitely idle cold-rolled and coated operations at Hamilton Works, affecting about 350 jobs. Stelco blamed the 50% U.S. tariff on Canadian steel.

Tariffs cut both ways. The regime propping up U.S. prices shrank Cliffs in Canada. Nucor fell 1.1% that day, a decline likely tied to the Iowa project.

Nucor Stays Profitable While Cliffs Is Still Rebuilding

Nucor reported second-quarter adjusted EPS of $4.84 on $10.4 billion in sales. Its weak spot is expectations: on September 17, Nucor guided third-quarter EPS to $5.55 to $5.65, missing the $6.20 consensus, and shares fell about 5.8% the next day.

NUE Earnings Explorer — 24/7 Wall St.

Cleveland-Cliffs lost $0.25 a share in the second quarter after a full-year 2025 loss of $1.4 billion. Cleveland-Cliffs guided third-quarter adjusted EBITDA to about $575 million from $286 million, suggesting a floor is forming, although $7.7 billion of long-term debt leaves little room for a price war when the first-steel date arrives around 2030.


CLF Earnings Explorer — 24/7 Wall St.



Lens

Nucor

Cleveland-Cliffs

Steelmaking process

Electric arc furnaces

Integrated blast furnaces


Q2 per-share result

$4.84 adjusted EPS, according to Nucor

$0.25 loss


Year-to-date stock move

50.77%

-15.51%


Nucor screens better than Cleveland-Cliffs on this setup: Iowa mirrors Nucor's electric-furnace model, while integrated producers carry higher fixed costs. Nucor has gained 50.77% this year yet trades near 11 times forward earnings, with $244.52 under the average analyst target of $283.63.

NUE Price Target — 24/7 Wall St.

Cliffs, at $11.23 and down 43.67% over five years, needs contract resets and debt paydown before Iowa's output arrives. If management hits its leverage target of under 2.5x debt to EBITDA by mid-2027, or Nucor misses guidance, reconsider the ranking. I'd tag NUE stock a buy, and I'd avoid CLF stock for now.

CLF Price Target — 24/7 Wall St.

Nucor (NUE) Moves To Join FERC Fight Over MISO Power Rules

Bailey Pemberton
Tue, September 29, 2026 



NUE-0.82%

STLD+0.11%


Nucor (NYSE:NUE) and Steel Dynamics jointly filed a motion to intervene with the Federal Energy Regulatory Commission on the MISO footprint.

The filing signals both steel producers are seeking a formal voice in how electricity market rules apply within the MISO region.

The move focuses attention on power market design for large industrial users that rely heavily on MISO for long term electricity needs.

This joint FERC intervention on the MISO footprint sits against broader energy market pressures our research has been tracking for Nucor. We have also flagged 1 warning sign for Nucor.

NYSE:NUE Earnings & Revenue Growth as at Sep 2026

Nucor is a US-based steel producer in the Metals and Mining industry with a market value of about $56.1b, so electricity rules inside the MISO footprint directly affect how its mills power energy-intensive steelmaking operations. The motion with regulators ties into core manufacturing costs for the business rather than a side issue.

Why Nucor wants a direct say in its power costs

For Nucor, stepping into the MISO rulemaking process lines up with the earnings story that now leans heavily on new mills and downstream assets turning into steady cash generators. Power pricing and reliability feed directly into whether those projects support the kind of margin profile analysts are watching in the multi year US$15b to US$20b capital program. This move also fits with the broader theme of Nucor working on inputs it can influence, rather than just accepting pass through energy costs as a fixed constraint.

See how these catalysts shape Nucor's path to a $284 fair value.

The practical checkpoint is what comes out of this specific FERC proceeding. Investors can watch for the next formal MISO or FERC filing that references Nucor or Steel Dynamics as intervenors, and any decision that lays out new tariff structures or market rules for large industrial users inside the MISO footprint.

One piece of the Nucor puzzle this article has not opened yet

Power contracts and mill projects only tell part of the story. Who actually calls the shots at Nucor, and what they are rewarded for delivering, can reshape how you read everything else. 

See who is actually steering Nucor, and how they are paid.