In a deal that may mark the end of an independent Canadian steel industry, Stelco Inc., once known as Steel Company of Canada, has agreed to be taken over by United States Steel Corporation.
The Hamilton-based company, which led the industry for generations, has struggled in recent years. It clawed its way out of bankruptcy protection last year and turned its first small profit since then only in the last quarter.
If it goes through as planned, the deal will add Stelco's name to those of Dofasco, Algoma, Ipsco, Co-Steel, Harris and other Canadian steel companies that have gone to foreign control.
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Some have suggested the federal government should step in more often to block foreign takeovers of major Canadian firms. But others say that kind of government intervention is just protectionism that ends up hurting the economy.
What do you think?
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The Hamilton-based company, which led the industry for generations, has struggled in recent years. It clawed its way out of bankruptcy protection last year and turned its first small profit since then only in the last quarter.
If it goes through as planned, the deal will add Stelco's name to those of Dofasco, Algoma, Ipsco, Co-Steel, Harris and other Canadian steel companies that have gone to foreign control.
Full story
Some have suggested the federal government should step in more often to block foreign takeovers of major Canadian firms. But others say that kind of government intervention is just protectionism that ends up hurting the economy.
What do you think?
More...
