Internal Audit Intern

Cleveland-Cliffs Inc. reported third-quarter profit of $152 million on Monday, or 26 cents per share. Adjusted for non-recurring costs and discontinued operations, earnings were 28 cents per share. The results beat Wall Street expectations. Five analysts surveyed by Zacks Investment Research had forecast earnings of 24 cents per share. The Cleveland-based mining company posted revenue of $5.61 billion, also ahead of the $5.58 billion analysts expected.

Cleveland-Cliffs is investing $200 million in the expansion of the Butler Works plant in the US. The investments are driven by growing demand for transformers. Cleveland-Cliffs, one of the largest US steel producers, is undertaking a large-scale expansion of its production of grain-oriented electrical steel (GOES) at its Butler Works plant in Pennsylvania, at a cost of $200 million. This was reported by Construction Review The project is being carried out with the support of the US Department of Energy (DOE), which has awarded a grant of $75 million. Work is scheduled to be completed in early 2028 (although the DOE's official timetables indicate 2029). At the peak of construction, around 220 construction workers will be employed. Key aspects and objectives of the project: * The modernisation will enable Butler Works to increase its production of GOES steel by up to 25 per cent. * Butler Works is the only manufacturer in the US of GOES steel, which is a key material used in the manufacture of transformer cores and power grid equipment. * The company will install four new induction reheating furnaces (manufactured in Warren, Ohio), which will replace two gas-fired furnaces. This will enable the process to be partially electrified, improve the quality of the steel, reduce losses and cut emissions during hot rolling. The rapid growth in demand for transformers and the modernisation of the US power grid are driven by infrastructure upgrades, the addition of new generation capacity and the large-scale construction of data centres, which require hundreds of megawatts of electricity. This trend is driving investment across the entire supply chain: for example, Southwire has begun expanding its campus in Starkville (Mississippi) at a cost of over $256 million to increase its output of cable and wire products. As reported by GMK Center, from 9 October, Cleveland-Cliffs is suspending part of its production capacity at the Stelco plant (Ontario, Canada) for an indefinite period. The decision is due to losses resulting from US trade tariffs and the market crisis. The cutbacks will affect 500 employees at the plant.

Ottawa gives Stelco's U.S. owner 5 days to share plan to keep jobs. Tue, October 6, 2026 at 7:56 a.m. PDT Ottawa has given the U.S. owner of Stelco five business days to share a plan to maintain jobs at the Hamilton steelmaker or face potential legal action. Ohio-based Cleveland-Cliffs said last week it plans to lay off as many as 500 workers as it idles certain steel production at Stelco, which the federal government says violates "binding commitments" made when it bought the company in 2024. In a letter to Stelco president Paul Simon on Monday, Industry Minister Mélanie Joly said Ottawa is prepared to seek a court ruling to enforce the agreement under the Investment Canada Act. "The Government of Canada takes compliance with undertakings seriously," Joly wrote in the letter, obtained by CBC News on Tuesday. "Where an investor fails to comply with an undertaking, the Act provides remedies for breaches, including an application to the superior court for orders that may include directing compliance, divestiture, or monetary penalties. "I trust that such steps will not be necessary." Cleveland-Cliffs acquired Stelco in a $3.4-billion cash-and-stock deal that, according to a news release at the time, kept "national interests at the forefront" and recognized the "importance of the workforce." According to Joly's letter, this includes "undertakings to continue to employ at least the same number of unionized employees and the vast majority of non-unionized employees as were employed when the transaction was announced." Cleveland-Cliffs CEO Lourenco Goncalves has said the cuts are necessary and justified by the Canada-U.S. trade war, arguing that Stelco's ability to sell steel to the U.S. was an "underlying condition" of the deal. Joly said the company's commitments "do not cease to apply simply because business strategy or market conditions have changed." Prime Minister Mark Carney said last week Ottawa will "use all powers that we have" against Cleveland-Cliffs as it pursues the Ohio-based company to the "fullest extent of the law." CBC News reached out to Cleveland-Cliffs for comment on Tuesday. Funding from Ontario Meanwhile, Ontario's government on Tuesday pledged to invest more than $200,000 with Ottawa through the Canada-Ontario Workforce Tariff Response to help protect steel and manufacturing workers in the Hamilton area. The funding will help 75 workers and jobseekers upgrade their skills and transition to in-demand careers, according to the province's minister of labour, immigration, training and skills development. "Ontario is fighting back against President Trump's attacks on our economy by helping our workers retrain, upskill, and stay competitive," Trevor Jones said in a statement. Goncalves has expressed support for Trump's Section 232 measures, which put up to 50 per cent tariffs on steel and aluminum imports from Canada. Goncalves has said he supports Canadian steel workers, and that "America first is not America only." Last Monday, amid news of the Stelco layoffs, Trump touted a $15-billion US investment plan by Minnesota-based steelmaker Mesabi Metallics to build a massive plant in Iowa as evidence that his administration's tariffs on imported steel are working as intended.