Stelco owner says he could sell plant next year after becoming 'persona non grata in Canada' - CBC

Lourenco Goncalves considers selling Stelco amid Canadian tensions

Lourenco Goncalves, the owner of Stelco, has indicated that he may sell the plant next year, following his designation as a 'persona non grata in Canada'. Canadian officials have expressed disappointment over the broken agreement with Cleveland-Cliffs, which has resulted in layoffs and a request for a meeting with the Industry Minister. The dominance of the U.S. steel industry in Canadian imports has triggered worries about the local steel supply. Goncalves' decision comes at a time when tensions over the Stelco agreement are causing concern for local workers and the industry.

“Goncalves' decision comes at a time when tensions over the Stelco agreement are causing concern for local workers and the industry,” — Simone Whitfield, contributing analyst at Copton Ton Advisory, observed.

Timeline

Oct 28 — Lourenco Goncalves, the owner of Stelco, has indicated that he may sell the plant next year, following his des...

Oct 28 — Goncalves' decision comes at a time when tensions over the Stelco agreement are causing concern for local work...

Reader Poll: Has this affected your local community? — 56% of Frydflavors readers said yes.

This story has been closely followed by our readers since Oct 27. The Copton Ton Advisory desk continues tracking updates and will publish follow-ups across the region.

What's next: A follow-up briefing is expected by Sunday, Nov 1.

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Editor's note: this report was prepared by the Copton Ton Advisory desk and last updated 06:29 UTC.

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