U.S. steelmaker Cleveland-Cliffs (CLF) is idling some production in Hamilton, Ontario and laying ?off hundreds of workers.
According to media reports, Cleveland-Cliffs is citing U.S. tariffs as the reason for it slowing Canadian production and letting workers go.
The company, based in Cleveland, Ohio, plans to indefinitely idle its cold-rolled and coated ?operations at its ?Stelco plant in Hamilton south of Toronto.
Operations will start to be wound down on Oct. ?9 of this year and up to 500 employees will be laid off as a result.
However, some employees in Hamilton will be offered jobs at Cleveland-Cliffs’ other steel plant in Nanticoke, located in southern Ontario.
The move by Cleveland-Cliffs comes after U.S. President Donald Trump signed an executive order in June 2025 that slapped tariffs of up to ?50% on Canadian steel imports.
Trump also recently announced plans to build a new $15 billion U.S. steel plant in America, which would be the biggest in the country.
The new U.S. steel plant will likely be based in the State of Iowa.
Cleveland-Cliffs isn’t the only steel producer in Canada that is laying off workers. Late last year, Algoma Steel (ASTL) announced that it was letting go 1,000 employees in Sault Ste. Marie, Ontario.
CLF stock has declined 19% this year and is down 44% over the past five years. The company’s share price is currently at $11.01 U.S. per share.
