Canada: In remaking Stelco into U.S. Steel Canada Inc., the Pittsburgh parent committed to a number of binding undertakings, 31 in all, according to The Toronto Star. Chief among them were production levels and employment . Seven years later, in September, 2014, the Canadian operation was granted protection under the Companies’ Creditors Arrangement Act, which is still winding its way through the courts. At the height of the foreign takeover mania, the federal government of the day offered repeated assurances that the Investment Canada Act provided all the protections necessary to ensure such transactions would be of net benefit to Canada. So that pretty much tells you that events did not unfold as planned. On the losing end: the public interest. What happened in the intervening years — and what is expected to be ruled upon soon by Ontario Superior Court Justice Herman Wilton-Siegel — is a singular case of secrecy involving the previous federal government, the current federal government and the U.S. corporate parent.
(news.financializer.com). As
reported in the news.
Tagged under Canada, production levels topics.