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Goodmans Publications

Minister Clement’s Letter to US Steel

May-14-2009

Area Corporate Finance and Securities

Summary

Last week, Industry Minister Tony Clement sent a demand letter to United States Steel Corp. (“US Steel”) insisting that it fulfill the undertakings given to the Canadian government in its 2007 takeover of Stelco Inc. (“Stelco”). Given the combination of the political sensitivity of foreign acquisitions of Canadian businesses, and an economic climate marked by increasing governmental involvement in business and concern about maintaining and supporting business activity in the country, the delivery of the letter and its consequences are being – and will be – carefully scrutinized.

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