Steel Mills
Bid for Release of US Steel “Secret Deal” Rejected Again
Written by Sandy Williams
May 4, 2016
Motions to release details of the “secret deal” between US Steel and the Canadian government were again rejected by the judge presiding over the US Steel Canada restructuring process.
Justice Herman Wilton-Siegel said on Wednesday that petitioners for the release have not sufficiently proven that they need the details of the agreement, although he admitted disclosure would alleviate suspicions regarding the restructuring.
“As is often the case in such situations there is a suspicion that the actions of USS and USSC are prompted by a desire to prevent the applicants from obtaining information that would be of advantage to the applicants,” he wrote. “From the perspective of these … proceedings disclosure would serve the practical purpose of dispelling such suspicions and allowing the parties to focus on the more immediate issues of reaching a viable restructuring agreement.”
The city and workers have argued that full disclosure is necessary to make informed restructuring decisions but the judge disagreed, saying that the current known details are enough.
“I accept that a disparity in knowledge could give rise to an unfairness … that would call for limited disclosure, but only if the disparity related to material information,” wrote Wilton-Siegel. “In this case the applicants have not demonstrated how knowledge of the specific details of the undertakings in the Agreement is necessary in order to frame their arguments … or would otherwise be material to their respective positions …”
(Source: Hamilton Spectator)
Sandy Williams
Read more from Sandy WilliamsLatest in Steel Mills
USS confirms split CFIUS decision on Nippon deal; it’s now up to Biden
Nippon Steel's purchase of U.S. Steel could lead to lower steel output domestically, and that presents “a national security risk," the Washington Post reported.
USS/Nippon deal: Who will have the happiest holidays?
Will Santa bring gifts for the leadership, employees, and shareholders of U.S. Steel and Nippon Steel, and lumps of coal for USW leadership and politicians opposed to the deal?
‘Orderly liquidation’ of AHMSA assets begins
A trustee has formally taken over AHMSA and begun the liquidation process of the bankrupt Mexican steelmaker.
Nippon buying stake in Canadian iron ore project
Nippon Steel and a Japanese trading company have entered an agreement to buy a 49% interest in a Champion Iron ore project in Canada.
USS anticipates Q4 loss on weak demand, BR2 start-up
Amid a challenging pricing and demand environment, and with the ongoing ramp-up of the Big River 2 mill, USS is anticipating a loss for the fourth quarter.