Oct 28, 2026, 2:45 AMThe American CEO who bought Stelco is openly admitting that he purchased the company to sabotage it.
This is why the Liberals should have never approved Stelco's sale in the first place. When you give away ownership of a critical industry like steel, your economy is forever under another's thumb.
There is only one solution that will save these jobs and put Canada back in the driver's seat: we need to nationalize Stelco.
In other words, they were being out competed.
@GhostOnTheHalfShell @avilewis
Yup, just shows how little corporations actually care about "let the market decide". Corporations love to destroy competition, they actually have no principles at all. Their only aim is maximum return with minimum effort and zero morals.
Conversely, if an elected government regulates how corporations behave in order to protect ordinary people's lives, the same competition-destroying corporations whine about regulation being "interference" and "inefficient" and "against the free market".
The way of corporation makes the most money is through market share the more of it the more money they make. The arguments of conservative economists has always been that a social organization should only dedicate itself to totalitarian control of a market, and this is virtuous.
Clearly, it is not. Only cruel morons could think that dysregulation of our behavior is the highest virtue.
How capitalist of Cleveland Cliffs. Can't compete with Canadian company. Buy it, control it, sabotage it, subordinate it.
Hard to imagine the Stelco-Cleveland Cliffs saga is the only one.
@huntingdon @avilewis
See Amazon
Also a flaw that spending money buying other companies is tax deductible.
https://en.wikipedia.org/wiki/List_of_mergers_and_acquisitions_by_Amazon
America is a rogue nation with unregulated Corporations that have more "rights" than the ordinary public and practically control the Administration.
Democrats were almost as bad, but at least not run by a self-serving criminal.
.
The robber barons are back, and we know the solution indeed.
@avilewis zero surprise there. I worked for a company, based out of Ottawa. Our major competitor was a company based out of California. They used to sue us constantly until a judge finally decided they couldn't sue us anymore, so what did they do? They bought the company with the intent to shut it down, until, that is, they realized our tech was superior.
@avilewis ugh, white liberals are the worst. At least maga let's you know their intentions from the start.
Competition is good for consumers, so of course twats like this decide to put profit before all other consideration, like the livelihoods of workers and y'know, agreements.
@avilewis This is a very Canadian story a tale as old as time. Large US Corp is getting out competed, instead of actually trying to compete in good faith - they simply use ample cheap US capital to buy their competition, then shut it down based on other pretenses not because of profitability, or use it as an wealth extraction tool until unprofitable - then sell.
This is hardly the first time this has happened in recent memory:
- Electro-Motive Canada
- Future Shop
- Hudson's Bay (2006-2025)
Full disclosure, I don't even miss Hudson's Bay - by the time of bankruptcy it was already a dead corpse of a retail company - anything of value had long since been stripped for assets and value (Leases from Zellers, Home Outfitters, Fields).
They never had any real intention to turn it around - just keep it standing long enough so they could be liquidated in the end at higher values than they paid for originally.
@Javensbukan @avilewis
Also US Corps can borrow the money with Shares as collateral (even though these are not taxed as wealth), and then put the loan on the books of the bought entity.
See Musk: Twitter -> X
and tax deductible!
Oct 28, 2026, 2:11 PM@avilewis
We let the yankee oilmen cancel the Trans-Canada pipeline to build pipelines to the USA instead. Then the oilmen started buying the conservatives, and now the liberals, to erase environmental regulations that allowed their production to triple along with profits.
I remember debates in the house about this happening after NAFTA...and now it's become real and we have lost national sovergnity to corporatism. The first thing we need to do is chase the yankee tarsands CEO's out of Canada, but we will need to elect a government that is absent of liberals and conservatives first.