For more than two years, Pittsburgh-based United States Steel Corporation has been engaged in a mammoth court battle with the Canadian government that could set a precedent for the standards to which foreign investors in Canada will be held when they make promises to get approval for an acquisition. It is the first time an enforcement action under the Investment Canada Act has been brought in court, and so far nothing has gone the company’s way.
The saga began in 2007, when U.S. Steel bought Stelco Inc., a troubled Canadian steel plant in Hamilton, Ontario. To win approval for the deal, U.S. Steel gave 31 undertakings, or commitments, to Canada’s then industry minister, who cleared the deal in October 2007.
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