Gerry Geurts

Found it. 🔎 I went back through Cleveland-Cliffs’ own public statements and SEC filings, and they explicitly acknowledge the Canadian government undertakings, including employment commitments. This goes well beyond Ottawa’s announcement. Here’s what Cleveland-Cliffs itself put on the public record. 👇 1️⃣ July 15, 2024: Acquisition announcement “Stelco will maintain significant employment levels in Canada and Canadian representation on the management team.” Cliffs also committed to retaining Hamilton headquarters, continuing operations in Hamilton and Nanticoke, and making capital investments. This announcement was included as an exhibit to its SEC Form 8-K. clevelandcliffs.com/news/new… 2️⃣ October 8, 2024: Investor presentation filed with the SEC “ICA Undertakings support net benefit to Canada” “Commitments to maintain employment levels in Canada” Those were the company’s own words describing the acquisition’s path to closing. It explicitly acknowledged employment commitments connected to the Investment Canada Act review. sec.gov/Archives/edgar/data/… 3️⃣ October 30, 2024: Ottawa’s approval statement 🇨🇦 “To continue to employ at least the same number of unionized employees and the vast majority of non-unionized employees” The government described a package of binding, five-year undertakings. These covered employment, collective agreements, pensions, headquarters, investment and environmental performance. canada.ca/en/innovation-scie… 4️⃣ 2024 annual report: Form 10-K, page 27 📄 “we may be unable to satisfy our operational, employment, environmental or other undertakings or commitments made to the Canadian government” In the SAME acquisition-risk section, Cliffs separately warned that U.S. tariffs could hurt Stelco’s business. That matters. The company acknowledged both the undertakings and the risk of tariffs. The passage does not state that one automatically cancels the other. clevelandcliffs.com/investor…