Ottawa Looking into Cleveland-Cliffs' Motivation for Buying Stelco

Dow Jones10-29

1355 ET - Canadian Industry Minister Melanie Joly says Cleveland-Cliffs has nine more days to respond to demands the company abide by commitments made when it acquired Ontario steelmaker Stelco. Joly adds the government contacted its lawyers to see if there may be consequences following comments made by Cliffs CEO Lourenco Goncalves in an interview with the Canadian Broadcasting Corp. Goncalves told the CBC that ahead of the acquisition Stelco had been undercutting Cliffs in the U.S. "I bought Stelco because I could not afford anymore having Stelco flooding the market here in the United States to the detriment of my own company," he said. Responding to Ottawa's call to reverse layoffs at Stelco, Cliffs this week said it is in full compliance with all commitments.

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