Industry Minister Mélanie Joly is giving the American parent company of Hamilton-based Stelco 15 days to reverse layoffs before seeking legal action.
Despite the company insisting the layoffs are required to ensure its survival, Cleveland-Cliffs said just days ago that Stelco’s third quarter this year was its “strongest” since it acquired the Hamilton plant.
It’s indeed about survival, but of the shareholders, they need at least a huge return on their investment! Won’t anyone think of the shareholders??
I love how these layoffs always happen after one of the strongest quarters.
I too have been laid off in a mass layoff from a tech company when we had a record quarter just before.
I think 15 days is to long, they should have really gotten the legal action thrown at them the moment they walked away.
I expect that Joly is going ‘by the book’, doing everything according to the legal procedure, so that if the American billionaire MAGA shithead defies the order to follow the agreement that he had signed when he purchased Stelco, the Canadian government will be legally covered for their (I hope full-strength) response.
We need to demonstrate to American billionaires that agreements should not be signed in pencil, that a signature on an agreement means that there will be severe consequences to breaking said agreements.
Eh, given any reversal would need to be retroactive I see no need to rush here. Many people complain about slow processes, but having processes that take a little bit of time and engage multiple layers of government is what prevents a single shithead from steamrolling the government.
I personally see no issue with a 2 week warning shot.