Subject: Re: Tariffs effect
Of all the major investments at Fairfax, Stelco would have been the one that would have traded down a lot on steel prices and then a lot more on tariff threats. Luckily, Fairfax and Kestenbaum sold Stelco to Cliffs at what looks like a perfect moment.


That’s for sure, dodged a bullet. Cliffs is down by half since it bought Stelco, probably mostly because steel prices are down a lot, but with the talk of a 25% tariff on imports to the USA, Cliffs shares are up 18% today.

Fairfax received shares of Cliffs as partial payment for the sale of Stelco - it will be interesting to see whether they held onto them or not.

“President Trump will do what President Trump wants to do. He has a plan, and I will play accordingly,” Goncalves said. “I’m a big boy. I bought Stelco knowing that Stelco is in Canada. And you know what? America first.”