Federal government will protect Hamilton steel amid tariffs, Joly tells Dofasco workers
Since Minister Mélanie Joly took over the infrastructure portfolio last month, she and Dofasco CEO Ron Bedard have spoken every day about how the U.S. trade war is impacting Hamilton's steel industry.
"I can't emphasize enough how determined she has been in every meeting on taking care of workers," Bedard told a crowd of workers at the company's plant in Hamilton on Friday, alongside Joly and local politicians.
"It's unlike anything I've seen in my 38-year career. And the fact that she's here today wanting to understand what more she can do speaks volumes about how committed she is to our industry and our people."
Before Friday, Bedard had rarely spoken publicly about ArcelorMittal Dofasco's efforts to get the federal government's help as Canada's trade war with the U.S. escalates.
Watch | Hamilton reels after Trump's latest steel tariff gut punch:
Hamilton reels after Trump's latest steel tariff gut punch
2 days ago
Duration 2:01
Joly's visit to Dofasco came a few days after President Donald Trump signed an executive order increasing tariffs of steel and aluminum from 25 to 50 per cent.
On Thursday, Canadian steel executives met with officials in Prime Minister Mark Carney's Liberal government, including Joly, to press for urgent assistance.
"It is clear that the government is seized with the gravity of the situation facing Canadian steel and understands the need for expediency in responding," Canadian Steel Producers Association CEO Catherine Cobden said about the meeting in Ottawa in a statement.
Dofasco plant a 'crown jewel'
While Joly toured the Hamilton plant Friday, Carney introduced new legislation to eliminate federal barriers to internal trade and enable more infrastructure projects to be approved faster.
These projects will include power lines and pipelines, and building up the defence industry, all of which will require steel that's made in Canada, Joly said. Much of that steel comes from Hamilton.
"This is a national asset, the crown jewel of the manufacturing sector," she said of Dofasco's plant. "This is our opportunity to not only save jobs, but build jobs."
The federal government is working on a plan to help companies financially in the short-term to prevent layoffs, Joly said. The government is also going to attempt to stop "steel dumping," which is when foreign steelmakers sell steel into the Canadian market at ultra-low prices.
"We will have more to say very soon on those two issues," Joly told reporters. "These can't be empty promises. We're in action mode."
Mayor Andrea Horwath met with Joly Friday and said after that she urged the minister to "get things moving quite quickly."
'Hamiltonians are worried," Horwath said. "This is impacting people and families." She said in a statement earlier this week that the tariffs were putting "thousands of good jobs at risk."
Joly said diplomatic efforts with the Trump administration are ongoing and increasing Canada's retaliatory tariffs on American products is still an option.
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


Globe and Mail
an hour ago
- Globe and Mail
Better Fintech Stock: SoFi Technologies vs. Robinhood Markets
Digital bank SoFi Technologies (NASDAQ: SOFI) and online brokerage Robinhood Markets (NASDAQ: HOOD) both leverage their innovative platforms to disrupt the traditional financial services sector. Their strong growth rates have translated into impressive returns: Shares of SoFi are up 95% in the past year, while Robinhood stock has climbed by a remarkable 246%. After such large gains, some investors may wonder if they can keep their rallies going. Let's consider which of these fintech leaders is a better buy for your portfolio today. Where to invest $1,000 right now? Our analyst team just revealed what they believe are the 10 best stocks to buy right now. Learn More » The case for SoFi Technologies stock SoFi Technologies has transformed from a student and personal loans specialist into a comprehensive financial services platform. Its digital-first, one-stop shop approach resonates with consumers. Today, it serves 10.9 million members, nearly twice as many as it served just two years ago. In the first quarter -- in what CEO Anthony Noto described as a "tremendous start to 2025" -- SoFi's adjusted net revenue surged 33% year over year while adjusted earnings per share (EPS) climbed 200% to $0.06. The bank's success reflects its ongoing diversification beyond lending products into more fee-based services, as its members are increasingly utilizing more of its banking accounts, credit cards, investing options, and other financial products. SoFi is now positioned for more consistently profitable growth and high-quality cash flows. Management expects the positive trends to continue: It's targeting full-year adjusted EPS of $0.27 to $0.28 -- nearly double the $0.15 result in 2024. This outlook highlights a key advantage of SoFi over Robinhood Markets, which faces greater earnings uncertainty, as its business is still tied to transaction volumes and shifting financial market conditions. Investors who are confident in SoFi's ability to execute its growth strategy and capture more market share from legacy banks have compelling reasons to buy and hold the stock for the long term. The case for Robinhood Markets stock As robust as SoFi's operating and financial results have been, Robinhood's recent momentum has been even stronger. In the first quarter, net revenue increased 50% while EPS more than doubled to $0.37 from $0.17 in the prior-year period. The company that redefined retail investing with its pioneering commission-free trading model is capitalizing on its 25.8 million funded accounts, where users are trading more actively and directing more of their total assets to the platform. Much of the growth story stems from the cryptocurrency market boom. Crypto now represents 43% of the platform's total transaction volume and contributes 27% of total revenue. Still, Robinhood Markets is also diversifying its product and service offerings with professional-level trading tools, banking solutions, wealth management options, and the premium Robinhood Gold subscription, all of which are increasing the company's customer wallet share. Wall Street has cheered Robinhood's traction, sending the stock up 94% year-to-date to a high that surpassed the pandemic-era peak it set in 2021. Robinhood aims to replicate its U.S. success as it expands globally. It plans to launch service in the Asia Pacific region, and is bolstering its presence in the digital asset space through its recent acquisition of crypto exchange Bitstamp. Those international ambitions, compared to SoFi's more domestically focused operations, could support greater long-term top- and bottom-line growth, which would help justify the stock's premium valuation. Notably, both Robinhood and Sofi are trading at forward price-to-earnings (P/E) ratios near 50, suggesting the market's optimism about their potential is fairly equal. Investors who take the view that Robinhood is just getting started on its path toward a dominant position in the online brokerage space should consider making the stock a part of a diversified portfolio. HOOD PE Ratio (Forward) data by YCharts. My verdict: An edge to SoFi stock Choosing which of these is the better fintech stock to buy now isn't easy. I'm bullish on both and predict each will deliver positive returns over the next year. If I were forced to pick just one to buy, though, I'd give the edge to SoFi Technologies, which appears to offer a compelling buy-the-dip opportunity with shares still down about 27% from their 52-week high. In my view, SoFi stands to benefit more from a resilient macroeconomic backdrop, fueling lending demand and earnings growth in the coming quarters, which would provide catalysts for the stock to rally higher. Meanwhile, Robinhood must contend with the lofty expectations baked into its stock price following its recent surge. The market's hopes for it could prove difficult to meet, potentially setting the stage for renewed stock price volatility ahead. Should you invest $1,000 in SoFi Technologies right now? Before you buy stock in SoFi Technologies, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and SoFi Technologies wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you'd have $669,517!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $868,615!* Now, it's worth noting Stock Advisor 's total average return is792% — a market-crushing outperformance compared to171%for the S&P 500. Don't miss out on the latest top 10 list, available when you join Stock Advisor. See the 10 stocks » *Stock Advisor returns as of June 2, 2025


CTV News
an hour ago
- CTV News
Carny's G7 invite to Modi aims to ease tensions amid tariffs: Politics professor
Watch TMU associate professor Sanjay Ruparelia discusses why Prime Minister Mark Carney invited India to the G7 summit amid ongoing criminal investigation.


CTV News
an hour ago
- CTV News
Young CAQ members attack unions at their convention in Lévis
At their convention in Lévis on Saturday, young Coalition Avenir Québec members said unions engage in 'undemocratic' practices, echoing arguments put forward by the Legault government. They deplored assemblies with 'prohibitive conditions,' 'radical' positions, and a 'lack of transparency' in how dues are used. Education Minister Bernard Drainville has made similar comments and continues to attack the Fédération autonome de l'enseignement (FAE), which he claims has become a 'political movement.' The FAE is challenging Bill 21 in court, which prohibits certain government employees, including teachers, from wearing religious symbols, upsetting the Legault government. In a brief speech on Saturday, Drainville expressed his delight that the CAQ's new generation, which he describes as a 'spark plug,' is tackling trade unionism and giving a 'good kick to the hornet's nest.' 'Is it normal for a union like the FAE to call an unlimited general strike without a strike fund, but have the money to challenge Bill 21?' he asked. 'Something is not right. Why are we letting them do this? ... A union is not a political party,' said the outgoing president of the youth wing, Aurélie Diep, in a similar vein. The theme of Saturday's convention borrows an expression often used by Premier François Legault: 'It's going to shake things up.' At the end of the discussion, the young CAQ members adopted three proposals: Restrict the use of membership fees ... so that they are not used for partisan purposes Make it mandatory to publish detailed information on the expenses of union and student associations. Submit resolutions ... authorizing the calling of a strike, the adoption of a position or an expense that does not fall within their mission to a majority vote of all their members. Both the vice-president of the Quebec Student Union, Audrey Fortin, and the president of the FAE, Mélanie Hubert, reacted on Saturday by accusing the Coalition Avenir Québec (CAQ) of hypocrisy. 'It's fascinating to be lectured on democracy by a party that, at 4:30 this morning, passed a law under gag order,' Hubert said in a phone interview. 'The CAQ was elected with 41 per cent of the vote in 2022 when 66 per cent of the population voted,' she recalled. For her part, Fortin noted that barely 100 young CAQ members were present in the room to vote on the proposals that were submitted. Developing defence and mining In addition to addressing trade union issues, the young CAQ members discussed the economy, bureaucratic streamlining and internships abroad. In particular, they propose 'developing the defence industry in Quebec and focusing on this high value-added sector to diversify the Quebec economy.' They also want to 'reduce red tape in the mining sector by 50 per cent to make it easier than ever to exploit our critical and strategic minerals.' Meanwhile, Legault is scheduled to deliver a speech on Saturday afternoon following the election of a new executive. This report by The Canadian Press was first published in French June 7, 2025. Caroline Plante, The Canadian Press