The Globe and Mail reports in its Thursday edition that Cleveland-Cliffs chief executive officer Lourenco Goncalves is dismissing the idea of nationalizing Stelco. The Globe's Niall McGee writes that the U.S. steelmaker said last week it plans to lay off as many as 500 steel workers at Stelco in Hamilton and Nanticoke, Ont., in large part because it can't compete anymore in galvanized steel as a result of the trade war. When the federal government approved Cliffs's $3.4-billion acquisition of Stelco Holdings Inc. in 2024, it imposed a series of legally binding conditions, including maintaining at least the same number of unionized employees in Canada for five years, as well as the vast majority of non-unionized workers. Professor Nicolas Lamp at the faculty of law, Queen's University, said that if Ottawa decides the steel industry is of strategic importance, and Stelco workers have indeed been "betrayed" by Cliffs, it could instead "nationalize the company and put Canadian management in charge." In an interview Wednesday, Mr. Goncalves poured cold water on the idea, pointing to the example of Venezuela nationalizing steel company Siderúrgica del Orinoco in 2008. The takeover was widely seen as an economic disaster.