Clement on US Steel

A year ago, the Harper Conservatives blocked a proposed foreign takeover under the Investment Canada Act for the first time ever. Today, they announced an effort to hold US Steel to commitments it made under the Act in taking over Stelco.

Here is what I said to the Business News Network, Canadian Press and The Financial Post. The union’s press release follows.

Government Acts on Steelworker Proposal

TORONTO, May 6 /CNW/ – The United Steelworkers (USW) union welcomes today’s announcement from Industry Minister Tony Clement that he will hold US Steel to the investment, research and production commitments it made to Canada in taking over Stelco.

On March 25, Ken Neumann, USW’s Canadian National Director, sent a letter to Clement requesting that he take this action.

“In sending a demand letter to US Steel, Clement has taken the first step toward enforcing the company’s commitments under the Investment Canada Act,” said Neumann. “He must also be prepared to take US Steel to court under the Act if it does not comply with the demand letter.”

USW is also calling on Clement to disclose the details of US Steel’s commitments in gaining federal approval to take over Stelco. ” In future, reviews of proposed foreign takeovers should be more transparent and include a full opportunity for working people to participate in the process. We believe there should be a parliamentary review of Canada’s rules on foreign investment and how they are implemented and enforced,” added Neumann.

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