This is what happens when we let american corporations own businesses here.
It’s only confusing if you’re an idiot. The American owner of Stelco is harming the Canadian Economy at the whim of Trump and his ilk.
It’s not more complicated than that.
Eh, you could add some additional context – like “they’re doing it in a way that’s technically allowed by the agreement the Canadian government setup, when the government handed them a bunch of taxpayer bailout money.”
It’s sorta like how Cameco dodged an absurd amount of tax by shipping ore out of the country before selling it on the market. It let them claim practically zero taxable profit – the CRA took em to court to try and get the tax revenue, but the courts said “Nah, technically its allowed by the govts own laws”. Cameco still gets cherry picked for deals by the Liberals, they were the primary beneficiary of Carney’s recent India trade trip.
Based on the Canadian govts track record, they’ll either bumble this a few more times in the media before trying to let it quietly disappear, or they’ll ‘fix’ the situation by somehow outsourcing it to another American org. They’ll prolly also get sued by the stelco guy for defamation or some such shit, and end up having to pay him millions of dollars more out of the tax payer purse.
He’s also an outright MAGAt who’s just fine with the tarriffs and apparently can’t telll the difference between Canada and China. Makes you wonder why he bought Stelco at all, since he clearly doesn’t want it.
Time to get nationalizing. Buy it forcibly for exactly what they paid for it, minus any government money they took.
There is more to it than just the US/Canada Tarrif war. Stelco used to supply a ton of steel stampings to the Canadian locations of all the automotive brands operating, but as they pull out of Canada so it affects the supply chains
To be at least be partially replaced by Chinese manufacturers, and potentially European. Honestly American cars are such shit anyway it’s better we move away from them.
So far the concerns I’ve seen are that the Chinese will spy on you, as if that isn’t already the case with our “ally”.
And given how incredibly simple minded these CEO types are (and we know they are, given their reaction to “AI” and how “incredible” it is), I fully expect it’s just him kissing the ring, more than it’s that there are a lack of orders from Canada.
I’ve been saying it since they started this tariff bs… if they want to kill our auto industry then why should we even consider buying American cars. My opinion on Chinese EV’s did a complete 180 when this shit started.
The US auto industry has been on life support for decades. If it weren’t for Michigan being a swing state, the Big Three would be the Big Two or the Big One.
Honestly American cars are such shit anyway it’s better we move away from them
or …just give people a fair choice and let the competition dice lay where they’re rolled.
Much better take.
From this CBC article on the topic…
https://www.cbc.ca/news/canada/cleveland-cliffs-ceo-stelco-layoffs-hamilton-9.7377708
“I am in favour of tariffs against all the countries in the entire world that dump steel into the United States,” he said, adding that the Section 232 tariffs have brought “the American steel industry back.”
“I’m in favour of Section 232. There’s no doubt about it.”
He told CBC News in a previous interview that he “would not have acquired the Stelco if I knew that Canada and the United States would become what they became — enemies in trade.”
So they buy Stelco, a Steel company, that in their own opinion is harming the US and was long before the trade war, and if they had the power, would have entered a trade war on the topic because they think its just, and then Trump starts a trade war and thus they support it, and now want to lay people off because of the trade war.
wild.
Watch the interview with Rosemary Barton, the CEO of Cleveland-Cliffs is barely able to conceal the bullshit he is spinning.
He bought Stelco to raise prices of Canadian steel to make his US assets more profitable. He says it directly and through the language of Maga. That is all, now he’ll nuke Canadian production to benefit his other assets.
He will rehire those employees if Canada reaches a deal with US on steel. Blackmail. Foreign threats.
Another thing about that interview: he continually uses Algoma Steel’s shutdown of its old furnace and the accompanying loss of jobs in an attempt to justify his actions . . . but they’ve been planning to shut that furnace down since the Biden administration (they built a new, less-polluting electric arc furnace that doesn’t require as many personnel to replace it). The tariffs moved the timetable up by a year, but those jobs were always going to go away, and everyone (including the union) knew it. The workers had time to plan and received some supports to retrain or find a new job. Completely different situation from Stelco. So anything he says about that is just blowing smoke.
I know it’s top much to ask but it’d be great if they didn’t just let Americans buy everything
it’d be great if they didn’t just let Americans buy everything
Jump in a time machine and tell that to the politicians from your grandparents generation.
Well, the US dollar is dogshit, but somehow every other currency is even more dogshit. As long as people see it that way, US billionaires will keep buying more stuff around the world
