U.S. Steel gets OK from Canada for acquisition of Stelco Inc. |
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Published
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Mon, 29 Oct 2007 17:08
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NEW YORK (Thomson Financial) - United States Steel Corp. Monday said it received approval from the Canadian Minister on Industry under the Investment Canada Act for its acquisition of Stelco Inc.Under the terms of the deal, U.S. Steel agreed to fund Stelco's main pension plans, increase production and exports from Canada, commit to significant capital expenditures at Stelco's facilities and fund the endowment of a chair at McMaster University to facilitate continuing development of steelmaking technology in Ontario.All regulatory clearances to complete the acquisition have been obtained.Shares of U.S. Steel rose 1.5% to $112.94.Christie Rizkcr/jwCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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