Canada Designates Pacific Link Pipeline as National Interest Project Amid Stelco Layoffs and Tariff Tensions
Prime Minister Mark Carney designated the proposed West Coast pipeline, now called Pacific Link, as a project of national interest. Meanwhile, Stelco Holdings announced up to 500 layoffs citing U.S. tariffs, prompting potential government legal action against its owner.
Prime Minister Mark Carney announced on Thursday in Fort McMurray, Alta., that the federal government has designated the proposed West Coast pipeline from Alberta, now known as Pacific Link, as a project of national interest under the Building Canada Act. The announcement was made alongside Premier Danielle Smith and Indigenous leaders. Intense consultations and negotiations with Indigenous communities are expected regarding the pipeline, and some First Nations leaders have already voiced concerns about the plan.
In the steel sector, Stelco Holdings plans to lay off up to 500 workers at its Hamilton plant and Lake Erie Works operation in Nanticoke, Ont., citing U.S. tariffs as the reason. U.S. President Donald Trump has imposed 50-per-cent levies on Canadian steel. In response, Prime Minister Carney stated that the government is considering legal action against Stelco owner Cleveland-Cliffs regarding employment obligations.
Canadian postsecondary institutions saw slight domestic enrolment growth despite declines in international students. For the 2024-25 academic year, 2.3 million students enrolled in public colleges or universities in Canada, representing a 0.1-per-cent increase from the previous year. However, schools have been forced to suspend programs and close some campuses due to the clampdown on international student admissions.
In financial markets, a group led by former Vanguard Investments Canada Inc. chief executive Atul Tiwari filed an application to build Verdx, Canada’s first investment dealer focused solely on prediction trading event contracts. Separately, the launch of the U.S.-Israeli attack on Iran transformed oil tanker traffic through the Strait of Hormuz into a rapidly rising focus for commodities trading.