Stelco Layoffs, Bank Discrimination Allegations, and Canadian Investments in India: Key Business Stories
Roundup of Canadian business news: Industry Minister Mélanie Joly warned Cleveland-Cliffs over up to 500 Stelco layoffs, U.S. regulators accused nine Canadian banks of discrimination, McCain expanded in India, and Fairfax is acquiring IDBI Bank.
Newsnibs Staff
- 2026-10-17
- Updated 4:53 PM UTC
Industry Minister Mélanie Joly has warned Cleveland-Cliffs Inc., the U.S. owner of Stelco, that the company could face financial penalties or be forced to divest its Canadian operations if it proceeds with planned layoffs affecting up to 500 workers at Stelco facilities in Hamilton and Nanticoke, Ontario. Stelco has cited the trade war with the U.S. and an inability to compete in the galvanized steel market as reasons for the cuts, and says the layoffs comply with the Investment Canada Act.
The U.S. Office of the Comptroller of the Currency has accused nine Canadian banks, including Toronto-Dominion Bank and Bank of Montreal, of discriminating against U.S. customers between 2020 and 2025 based on political or religious beliefs. The OCC report pointed to BMO's approach to firearms as one example and to WePay's closure of a merchant account that had been selling Make America Great Again merchandise as another.
McCain Foods announced the acquisition of the potato operations of Falcon Agrifriz Foods in Gujarat, India, and said it plans to build a new processing plant in Madhya Pradesh. McCain has operated in India since 1998, employs 1,800 people there, and recently completed a $135-million expansion in Gujarat.
Fairfax Financial Holdings Ltd. is acquiring control of India's IDBI Bank for US$5.6-billion, a deal described as the largest foreign investment in India's financial services sector.
A new mapping tool, built by Dexter McMillan, Jason Kirby and Christopher Manza in collaboration with Aterio, visualizes the locations of current and future data centres across Canada.
Prime Minister Mark Carney has proposed a "productivity mega deduction" aimed at making Canada's business tax regime more competitive, a proposal that has drawn support from business groups and economists.
Photo by Alex Simpson on Unsplash
