IMPLEMENTATION LEVEL

Subnational

AFFECTED FLOW

Inflow

ANNOUNCED AS TEMPORARY

No

NON-TRADE-RELATED RATIONALE

No

ELIGIBLE FIRMS

firm-specific

JUMBO

No

TARIFF PEAK

No
← back to the state act
Inception date: 09 Jun 2017 | Removal date: open ended
Still in force

State loan

On June 9, 2017 a court supervising the restructuring of U.S. Steel Canada Inc. (Stelco) under the Companies' Creditors Arrangement Act approved a plan that entails government support. Under one element of the plan, the provincial government will provide a fully-secured loan of $22 million in the first two years, to be repaid in the third and fourth year, as well as an interest-free loan of up to $66 million over 10 years to assist in the payment of other post-employment benefits (OPEBs). The 10-year term of the loan is intended to assist in providing OPEB coverage while balancing risk to the province and allowing time to plan for the future use of Stelco's lands to create additional value for pensions and OPEBs. The plan also provides for the government of Ontario to provide a fully-secured, 10-year loan of $10 million to the land vehicle to support its operations.

AFFECTED COUNTRIES

MAP
TABLE
EXPORT

AFFECTED SECTORS AND PRODUCTS

411 Basic iron & steel
7201 Pig iron and spiegeleisen in pigs, blocks or other primary forms.
720110 Nonalloy pig iron containing by weight 0.5 % or less of phosphorus
7205 Granules and powders, of pig iron, spiegeleisen, iron or steel.
720510 Granules
720521 Of alloy steel
720529 Other
7206 Iron and nonalloy steel in ingots or other primary forms (excluding iron of heading 72.03).
720610 Ingots
720690 Other

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