Oct 31 2007
United States Steel Corporation announced today that it has received approval of its acquisition of Stelco Inc. from the Canadian Minister of Industry under the Investment Canada Act.
In connection with the approval under the Investment Canada Act, U. S. Steel has made commitments to the Minister of Industry that highlight the net benefit to Canada that will arise from the acquisition. These include commitments relating to the funding of Stelco's main pension plans, increases in production and exports from Canada, significant capital expenditures at Stelco's facilities, R&D and the endowment of a Priority Chair in the Department of Materials Science and Engineering at McMaster University to facilitate the continuing development of steelmaking technology in Ontario, and the transfer of U. S. Steel's operating experience and best practices to the Stelco facilities.
Commenting on the approval, John P. Surma, U. S. Steel Chairman and CEO, said, "We are pleased with this news, which confirms that the Minister of Industry is satisfied that U. S. Steel's acquisition of Stelco will be of net benefit to Canada. U. S. Steel brings the financial strength, operating experience and advanced research and technology capability that are critical for the continued success of the Stelco facilities. We look forward to realizing the benefits of combining our operations with those of Stelco and to building on the unique talents, commitment and expertise of Stelco's employees."
All regulatory clearances required to complete the acquisition of Stelco have now been obtained.