35,664.62S&P/TSX Composite · Fri Oct 9 close · +1.48%

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—USD/CAD · Fri Oct 9 close not confirmed by two sources
S&P/TSX35,664.62▲1.48%10/9USD/CAD—S&P 5007,811.54▲0.59%10/9WTI$91.85▲0.39%10/9Gold$4,216.30▲1.43%10/9
Economy · OntarioPress ✓ 4 outlets · the owner's court threat is the company's own statement

Stelco's U.S. owner says it will fight Ottawa in court over the Hamilton layoffs as a federal deadline runs out

Cleveland-Cliffs blames U.S. and Canadian tariffs. Ottawa has threatened to ask a court to enforce the job promises made when it bought Stelco.

The chief executive of Cleveland-Cliffs, the Ohio steelmaker that owns Stelco, said on Sunday that he is prepared to fight Canada in court over the planned layoffs at Stelco's Hamilton plant, CBC and Radio-Canada reported. Stelco has said it will idle its Hamilton operations indefinitely and concentrate production at its Lake Erie Works in Nanticoke, Ont. The wind-down began on Friday, October 9, and affects up to 500 workers, according to The Hub and other outlets earlier this month; the union has estimated that about 350 steelworkers will lose their jobs. Lourenco Goncalves, the chief executive, has blamed the loss of access to the U.S. market under President Donald Trump's tariffs and Canada's retaliatory tariffs, and has said the dispute will end up in court, according to the trade press and BNN Bloomberg. Earlier reporting quoted him as saying that until access to the U.S. market is restored there is "nothing we can do." CBC, The Globe and Mail and Radio-Canada all reported over the weekend that Stelco is proceeding with the layoffs despite Ottawa's threat of legal action. The idling does not close the company: Stelco keeps operating in Nanticoke.

Ottawa's argument rests on the 2024 takeover. Cleveland-Cliffs bought Stelco under the Investment Canada Act, the federal law that reviews foreign purchases of Canadian companies, and promised to keep all unionized jobs and most non-union ones. On October 5, Industry Minister Mélanie Joly gave the company five business days to present a plan to protect those jobs or face an application to a superior court, BNN Bloomberg, CTV News and CP24 reported. A judge could be asked for compliance orders, a forced sale or financial penalties. On Wednesday Ms. Joly said Ottawa had not yet received a response. We saw no reply since then and no court filing, and the exact last day depends on whether the Thanksgiving holiday counts as a business day, so we treat the deadline as falling this week. In 2009 Ottawa sued U.S. Steel over similar promises and dropped the case after the company agreed to keep both plants running, one outlet recalled. In DailyDrop's reading, three outcomes are possible: Cleveland-Cliffs presents a plan that Ottawa accepts, which would end the matter quietly; the two sides negotiate a sale or a revised commitment; or Ottawa files and the case moves to a court, where timelines are measured in months, not days. We saw no sign of any of the three as of early Monday. The Thanksgiving long weekend slows federal offices and courts, so a quick filing is unlikely before Tuesday. For Hamilton families this is a story about paycheques; for Ottawa it is a test of whether takeover pledges can be enforced when a trade war changes the economics.

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By the numbers
500Maximum number of Hamilton workers affected, per Stelco and The Hub
~350Steelworkers the union expects to be laid off
5Business days Ottawa gave the company to present a job plan from Oct. 5
Politics · OttawaPress ✓ 5 outlets · PMO readout via CTV News

Carney says the U.S.–Russia diesel deal hurts Ukraine's peace cause, but backs an "energy ceasefire"

Prime Minister Mark Carney told President Volodymyr Zelenskyy in a call on Sunday that the deal between Washington and Moscow on Russian diesel works against peace in Ukraine, according to the Prime Minister's Office as relayed by CTV News, Radio-Canada, La Presse and the Journal de Montréal. The Globe and Mail said he also applauded Mr. Trump's efforts toward a ceasefire, and La Presse and TVA Nouvelles reported that in a separate call with Mr. Trump he said he supports an energy ceasefire between Kyiv and Moscow. In Washington, several senators, including Thom Tillis, said the diesel plan may be illegal and urged Mr. Trump to reverse it, CTV News and Yahoo reported. We did not see the legal basis they cited or any White House reply.

The pairing is deliberate: Ottawa criticizes the sanctions waiver, not the peace effort. Canada has its own Russia sanctions, so watch whether Mr. Carney's words become action.

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Word of the day
Sanctions waiverLaw

A formal exception that lets a government or company do something normally banned by sanctions, for a limited purpose or time. A waiver can quickly undo the pressure that sanctions were meant to create.


World · UkrainePress ✓ 8 outlets · neither side had confirmed the terms at first

Trump announces a Russia–Ukraine "energy ceasefire". Russia then strikes Ukrainian power plants

President Donald Trump said on Sunday that Russia and Ukraine had agreed to an "energy ceasefire," a halt to attacks on each other's power and fuel facilities, effective immediately, according to Al Jazeera, Euronews, CTV News, Radio-Canada, The Globe and Mail and others. He gave few details. Mr. Zelenskyy said Ukraine supports the idea and was awaiting details from Washington, Global News and Politico reported, and Reuters said Ukraine would stop striking Russian refineries if Russia stopped its energy attacks. Live coverage from French-language outlets noted that Moscow and Kyiv had not confirmed the deal.

Hours later, the National Post and others reported, Russian strikes hit Ukrainian power plants, and Mr. Zelenskyy said Russia had hit energy sites after the announcement. Reuters and the French press also reported that Mr. Zelenskyy said he would organize elections if Russia agrees to a 60-day total ceasefire; we did not see Russia's answer.

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World · Middle EastPress ✓ 8 outlets · toll from Saudi authorities, blame from the Saudi-led coalition

Riyadh's main airport is hit again a day after a deadly strike. Canada advises against travel to the airport

A passenger terminal at King Khalid International Airport in Riyadh was struck again on Sunday, a day after an attack that killed 12 people, Global News, CTV News and CBC reported. The Saudi-led coalition said a projectile hit the terminal; the National Post called it another Houthi strike. Saudi Arabia extended the airport's closure and moved Riyadh schools online, The Globe and Mail and Global News said. CTV News reported that Saudi authorities also said Dammam's King Fahd International Airport was attacked, with few details. Radio-Canada said the Houthis, the Iran-aligned Yemeni rebel movement, renewed threats against Saudi airports.

Global News reported that Canada advised against travel to the Riyadh airport. Saturday's toll is not settled: most outlets said 12 dead, while a French-language report said at least 13 and more than 300 injured. FinancialJuice relayed a Saudi civil aviation statement that one person died and 11 were wounded in Sunday's assault; that figure comes from a single outlet. A separate FinancialJuice headline said the Houthis claimed responsibility for an assault on the airport, and we could not tell from it which strike it meant.

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Markets · CanadaPress ✓ 3 outlets · TSX closed today; U.S. figures are Friday's closes

The TSX is closed today for Thanksgiving. Friday: TSX +1.5%, Wall Street up, oil near US$92

The Toronto Stock Exchange, TSX Venture Exchange and the Montréal Exchange are closed on Monday for Thanksgiving and reopen on Tuesday, October 13, TMX Group said. Friday's S&P/TSX Composite close was 35,664.62, up 1.48%, according to DailyDrop's quote feed; The Canadian Press and Yahoo Finance reported a gain of more than 500 points that day. We could not confirm Friday's USD/CAD close from a second source, so that figure is left blank. U.S. stock markets are open on Monday, though the U.S. bond market is closed for Columbus Day. On Friday the S&P 500 rose 0.59% to 7,811.54, the Nasdaq 0.64% to 27,366.17 and the Dow 0.83% to 51,654.95. WTI crude ended at US$91.85 (+0.39%) and gold at US$4,216.3 (+1.43%).

Oil is the number to watch. The DailyDrop feed showed WTI near US$90.31, down about 1.7%, in early Monday trading; we have only this one source. Riyadh airport strikes and the Ukraine energy ceasefire both feed into crude, and Canadian energy shares will react when the TSX reopens Tuesday. The National Post also reported that Mr. Trump's tariffs and the trade war with Canada are driving up costs for U.S. manufacturers.

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In brief
  • Canada's jobless rate edged up as employment fell again, the Wall Street Journal reportedWSJ
  • Pattullo Bridge arches to be removed over the Thanksgiving long weekendCBC
  • Turkey gravy brand sold in Canada recalled over undeclared mustardCBC · Castanet
  • Canadian cybersecurity executive arrested by the FBI in a hacking caseThe Globe and Mail
  • McCain Foods buys an Indian frozen-food company as relations with Canada thawThe Globe and Mail
  • Quebecers are pulled back into a referendum debate by Alberta's voteLa Presse
  • A Montreal surgeon is fired by Lasik MD amid allegations of involvement in an escort networkCBC
  • Verstappen wins in Singapore as Antonelli closes in on the F1 titleCBC · Radio-Canada
Seven minutes every morning, one front page — see About

Unverified — what we could not confirm

"The Riyadh death toll is 13." Not established. A French-language report said at least 13; most outlets, citing Saudi authorities, say 12.
"The energy ceasefire is in force." Not shown. Mr. Trump announced it, Mr. Zelenskyy said Ukraine supports it, and Russian strikes on power plants followed. Moscow's confirmation was not in the reports we read.
"Ottawa has taken Stelco to court." No. The reports describe a threat and a deadline; we saw no filing.

Influencer watch

  • Donald Trump Truth Social · 10/11Said in a Truth Social post that an energy ceasefire between Russia and Ukraine is in effect immediately and told both sides not to break it.

Statements as posted, not fact-checked.

Glossary · dotted words — economics, law, security and science terms explained in the context of the story. The list grows every day.
INSIDEStelco's U.S. owner says it will fight Ottawa in court over the Hamilton layoffs as a federal deadline runs outEconomy · OntarioCarney says the U.S.–Russia diesel deal hurts Ukraine's peace cause, but backs an "energy ceasefire"Politics · OttawaTrump announces a Russia–Ukraine "energy ceasefire". Russia then strikes Ukrainian power plantsWorld · UkraineRiyadh's main airport is hit again a day after a deadly strike. Canada advises against travel to the airportWorld · Middle EastThe TSX is closed today for Thanksgiving. Friday: TSX +1.5%, Wall Street up, oil near US$92Markets · Canada