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Must U.S. Steel preserve Ontario jobs?

Terms of its 2007 Canadian takeover under scrutiny


 

In Canada’s steel capital, U.S. Steel’s decision to shut down operations, laying off 2,190 indefinitely, is sparking questions about enforcing promises the American company made when it took over Stelco in 2007. The Hamilton Spectator reports that the $1.9-billion acquisition was allowed by Ottawa with conditions—notably that U.S. Steel would “maintain employment levels.” Can the government make that provision stick in a global recession? Industry Minister Tony Clement has vowed to review the company’s obligations under federal foreign investment rules.

The Hamilton Spectator


 
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Must U.S. Steel preserve Ontario jobs?

  1. Ah, so we are going to study the situation. More of that wonderful deregulated global economy, trickle down economics…in other words..bull$#$@. Time to tell third world hell holes to go just there and start making things here again. We cannot ship all the decent paying jobs off to slave states, destroy the middle class and not expect this to happen. I also read today that some guy came to the “rescue” of Stelco in 2007. He “put up” 5.5 million of his own money, Ontario threw in 100 million. A few months later HE sold the plant to US Steel and pocketed a cool 67 million. WTF! What did the province make out of that flip? Nothing, no doubt. This kind of thing has got to stop.

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