McMaster University economist says government purchase of Stelco would be unusual

Premier Doug Ford was in Hamilton today to announce $70 million in funding to support workers who have been laid off as a result of U.S. tariffs.

Speaking to Hamiltonians today, Ford was highly critical of the American owner of Stelco, Lorenzo Gonsalvez, saying the province would even buy Stelco if its parent company doesn’t find a new owner.

McMaster University professor and economist Colin Mang says the plan is not only viable, it’s a “really good plan.” A plan for the Ontario government to purchase Stelco, however, would be unusual.

“We’ve seen the government take stakes before, so if you can remember back to 2008 and 2010, we did see governments not just in Canada but around the world take equity positions in a number of industries,” he said.

“But outright buying an entire company? That’s not something we usually see governments get involved in.”

READ MORE: ‘I got a problem with that guy’: Doug Ford takes aim at Stelco owner amid trade war