I’d let this issue slip to the back of my mind, but re-reading a fellow steel bloggers recent postings brought it back to mind. It seems the national media have forgotten about this story, but in Hamilton it’s still in people’s minds.
From The Hamilton Spectator TheSpec.com
A single guideline in the Investment Canada Act is “probably the crux” of the dispute between U.S. Steel and the Canadian government, says Industry Minister Tony Clement.
The guideline excuses foreign buyers who are unable to fulfil their commitments under the act due to “factors beyond the control of the investor.”
The question is whether the current economic meltdown qualifies as such a factor in U.S. Steel’s shutdown of the former Stelco.
Clement sent a demand letter to U.S. Steel earlier this month after determining that the temporary closure of its plants in Hamilton and Nanticoke violates promises made under the act. He is now reviewing a response from the Pittsburgh steelmaker that is “about 87 pages in total.”
But he was tight-lipped about the contents of that document today.
“You’ll be hearing from us very shortly,” he said.
And then, again, the sounds of silence.