07:58:30 EST Mon 09 Nov 2026
Enter Symbol
or Name
USA
CA



Algoma Steel Group Inc
Symbol ASTL
Shares Issued 105,661,468
Close 2026-11-06 C$ 7.60
Market Cap C$ 803,027,157
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Globe says Algoma told Joly has another go at Cliffs

2026-11-09 07:00 ET - In the News

The Globe and Mail reports in its Saturday edition that Industry Minister Mélanie Joly has asked the Competition Bureau to investigate whether recent comments made by Cleveland-Cliffs boss Lourenco Goncalves warrant enforcement action. The Globe's Niall McGee writes that at issue are his motives for buying Canadian steelmaker Stelco. In a CBC interview on Oct. 27, Mr. Goncalves said he bought Stelco because he couldn't afford to have it "flooding the market here in the United States to the detriment of my own company." In her Friday complaint letter, Ms. Joly asked interim competition commissioner Jeanne Pratt to investigate the matter. "This type of conduct is highly questionable and may be reviewable under the Competition Act," she said. The letter is the latest move by the federal government to ratchet up pressure on Cliffs to recall laid-off steel workers in Hamilton. In late September, Stelco announced that it was cutting up to 500 jobs in Canada in apparent violation of its takeover terms. Subrata Bhattacharjee, chair of the competition and foreign investment review group with Borden Ladner Gervais LLP, said the lack of specifics in Ms. Joly's letter around what the commissioner should focus on weakens its impact.

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