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Ontario Objects to Parts of US Steel’s Financing Plan for US Steel Canada

Posted October 06, 2014

Under Economic Issues

(Canadian Press)

Queen’s Park is raising objections about how US Steel proposes to finance its Canadian arm while the former Stelco attempts to forge a court-supervised compromise with its creditors.

Finance Minister Charles Sousa says Queen’s Park has filed an objection with the court to protect the interests of the provincial government and the Ontario steel maker’s employees, retirees, creditors and their communities. [...]

The government said it’s concerned that some of the conditions attached to about $185 million in temporary funding from Pittsburgh-based US Steel could have a negative impact on employees and retirees of its Canadian subsidiary. Read more here.