Cleveland-Cliffs says Stelco had its ‘strongest quarter,’ says feds need to do more to save jobs

Stelco owner Cleveland-Cliffs said today in its third quarter financial results that the Canadian operation had its strongest quarter since the American steelmaker acquired the Hamilton-based company two years ago. This, despite the company laying off 500 workers across its Hamilton and Lake Erie facilities.

CEO Lourenco Goncalves says the Canadian hot-rolled steel market has improved substantially, turning Stelco into a positive contributor to company earnings before interest, taxes, depreciation and amortization (EBITDA) in the third quarter.

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

“As we haven’t seen and do not anticipate any action aimed at improving the unsustainable situation for galvanized steel, we made the difficult but necessary decision to indefinitely idle our galvanizing lines at Stelco.”

“The employees impacted by this will be brought back to work as soon as the current situation improves. In the meantime, as we concentrate on hot rolled products that actually have a market, total production tonnage at Stelco will be maintained, Stelco’s contribution to Cliffs’ EBITDA will further increase and approximately 2,000 Canadian jobs are preserved,” Goncalves says.

The Cleveland-Cliffs’ Third Quarter Report for 2026 says consolidated revenues were $5.6 billion, compared to $5.2 billion in the second quarter of this year.

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For the third quarter of this year, the company recorded net income of $165 million.

The company says this compares to a second quarter 2026 net loss of $134 million.

For the third quarter of this year, the company reported Adjusted EBITDA of $612 million, a $326 million improvement compared to Adjusted EBITDA of $286 million recorded in the second quarter of 2026.

Based on the earnings in the report, a separate breakdown of Canada is not provided.

CHCH News will have more to come on this later today.

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