HAMILTON — Cleveland-Cliffs CEO Lourenco Goncalves told Global News that financial support cannot solve insufficient demand.

That September 30 interview adds the owner’s response to the debate over the planned idling of Hamilton finishing operations. Our earlier coverage of the layoffs explains the original announcement.

The earlier announcement

Stelco’s employee letter, reported by CHCH on September 28, blamed U.S. steel tariffs for reducing the market for its cold-rolled and galvanized products. The company said demand in its traditionally served markets had fallen nearly 25 per cent compared with the quarterly average in 2024, with a separate 10 per cent decline in Canadian demand.

CHCH reported that up to 500 employees across Hamilton and Lake Erie Works could be affected. Employees were to receive individual notifications as operations wound down.

The company’s explanation puts sales and access to markets at the centre of its decision. That is the employer’s position; it does not resolve workers’ questions about the length of layoffs, transfers or the future of Hamilton operations.

This follow-up concerns the new interview. It does not report a second round of layoffs or a reversal of the original decision.

Sources: Global News interview, September 30, updated 11:08 a.m. ET; CHCH’s September 28 report.

Supporting image: AI-generated editorial illustration; not a photograph of the event.