moved for leave to introduce Bill C-358, An Act respecting the acquisition of Stelco Inc. by the United States Steel Corporation.
Madam Speaker, I am pleased to rise in the House today to introduce a bill regarding the acquisition of Stelco Inc. by the United States Steel Corporation.
U.S. Steel acquired Stelco in 2007, but it was not long after that the Government of Canada had to take U.S. Steel to court for failing to live up to the employment and production commitments made by the company under the Investment Canada Act.
I have raised issues related to U.S. Steel on numerous occasions in this House. I have raised the lockout of members of USW Local 1005, the denial of pension indexation for Stelco retirees, access to EI benefits for the locked out workers, and of course the inadequacy of the Investment Canada Act in protecting Canadian interests in this foreign takeover.
Sadly, it has been impossible to get full accountability because the agreement signed between U.S. Steel and the Government of Canada has never been made available publicly.
It is for that reason I am introducing this bill today. It would require the Government of Canada to publish all written undertakings given in the right of Canada under the Investment Canada Act in respect to the acquisition of U.S. Steel.
Furthermore, it would require the publication of all correspondence between the minister and the company regarding the enforcement of this agreement.
The Investment Canada Act demands that a foreign takeover have a net public benefit, but the public is being kept in the dark. That is simply not good enough. That is why my bill would finally bring accountability into the light of day.
(Motions deemed adopted, bill read the first time and printed)