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ARTICLE · 20 OCTOBER 2010

Canada v US Steel: Recent Developments Under the Investment Canada Act

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For the first time in the 25-year history of the Investment Canada Act, Canada’s foreign investment review legislation, the Canadian Government is suing a foreign investor for failing to honour commitments it made when it acquired a Canadian business.

CanadaCorporate/Commercial Law
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* Article by Sue-Anne Fox

Originally published in IBA's North American Regional Forum News, vol. 1, no. 1 | October 2010

For the first time in the 25-year history of the Investment Canada Act, Canada's foreign investment review legislation, the Canadian Government is suing a foreign investor for failing to honour commitments it made when it acquired a Canadian business. In July 2009, the Minister of Industry filed a Notice of Application with the Federal Court of Canada seeking an order to require United States Steel Corporation to fulfill undertakings it made to the Canadian Government when it acquired Canadian steelmaker Stelco Inc in 2007.1 The Minister requested that the Court order US Steel to: (i) increase steel production in Canada and maintain employment levels; and (ii) pay an 'administrative monetary penalty' ('AMP') of C$10,000 per day for breach of the undertakings.

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