industry

Thursday March 15, 2018

Editorial Cartoon by Graeme MacKay, The Hamilton Spectator – Thursday March 15, 2018

PM Trudeau talks steel and doughnuts in Hamilton

Prime Minister Justin Trudeau pledged to do more to fight foreign steel dumping on a whirlwind Hamilton tour aimed at reassuring industry leaders and local workers worried about threatened U.S. Tariffs.

The Liberal PM managed to sandwich a steel industry roundtable and a visit to infamously vandalized Donut Monster on Locke Street in between tours of both Stelco and ArcelorMittal Dofasco Tuesday.

 

Canada dodged an economic bullet last week after U.S. President Donald Trump exempted its northern neighbour — at least for now — from a threatened 25-per-cent tariff on steel. Business leaders had estimated such a tariff could affect up to 40,000 local jobs in the industry.

September 18, 2014

But Trump has also insisted on stronger measures to stop countries trying to sneak cheap steel into the U.S. by shipping through Canada.

“That is a concern we share with the Americans,” said Trudeau following a tour of ArcelorMittal Dofasco, later vowing to “keep ensuring that Canadian steel is Canadian steel.”

He said Canada has already taken steps to crack down on steel dumping from countries like China — including adding customs inspectors — but emphasized the government is willing to do more. “We have a whole suite of tariff and countervailing duties that are at our disposal to move forward and ensure that we are not accepting unfairly produced or sold steel,” he said.

August 24, 2016

The PM also fielded questions from steelworkers on a tour of Stelco early Tuesday morning — even if he didn’t necessarily answer with the level of detail they sought.

United Steelworkers local union leader Gary Howe said his members asked if the Liberals will overhaul the Companies’ Creditors Arrangement Act (CCAA), the legislative rules through which U.S. Steel Canada entered into bankruptcy protection and was ultimately sold and reborn as Stelco.

Frustrated local steelworkers have called the CCAA “legalized theft” and lobbied to enshrine more rights for workers during bankruptcy protection. “We want to know if the law will be changed,” Howe said.

Howe said Trudeau did not commit to specific changes, but agreed “there needs to be a conversation.” (Continued: Hamilton Spectator) 

 

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Saturday October 14, 2017

Editorial Cartoon by Graeme MacKay, The Hamilton Spectator – Saturday October 14, 2017

The Next Big Thing in the Cannabis Industry

 
Canada has a pot problem, as Quartz Media recently warned us, but it’s a lucrative problem to have. One thing holding back this $8-billion market Forbes Magazine, April 13, 2017) is supply, and one little-known company plans to be the steward of it in a big way.  
 
When Canada legalizes recreational marijuana in less than a year, in line with a bill pushed through by Prime Minister Justin Trudeau, legal supply is likely to be limited. There may not even be enough even if we are only considering medical marijuana usage. Keeping an eye on Insys Therapeutics (NASDAQ:INSY), Scotts Miracle-Gro Co (NYSE:SMG), Zynerba Pharmaceuticals (NASDAQ:ZYNE), Innovative Industrial Properties (NYSE: IIRP), Teva Pharmaceuticals (NASDAQ: TEVA).
 
The supply picture is so fantastically tight that Health Canada has had to streamline the approval process for growers because medical marijuana users have tripled in number since last year alone, according to Quartz. When it becomes legal recreationally, a Deloitte report estimates the economic  impact will be worth $22.6 billion annually in other words, more than the combined sales of beer, wine and spirits.
 
Meet Cannabis Wheaton the world’s first cannabis streaming company, backed by a powerhouse team, with the biggest industry trailblazer leading the way.
 
Not only is Cannabis Wheaton jumping into a huge potential market where supply is forecast to struggle to reach demand, but it’s offering a lifeline to new and existing growers who need financing to get off the ground fast.
 
Producers need a miracle grow strategy, and Cannabis Wheaton is stepping in to fill the gap with a ‘royalty’ business model that is new to this market.
 
And for investors, the major upside is that this model removes the risks associated with putting all your money into a single-crop producer.
 
Cannabis Wheaton is intending to ‘stream’ pot, and 15 partners have already been lined up, along with 1.4 million square feet of growing acreage. (Source: Markets Insider) 

 

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Tuesday April 4, 2017

Editorial Cartoon by Graeme MacKay, The Hamilton Spectator – Tuesday April 4, 2017

Bombardier CEO admits ‘bad job’ communicating pay increases

Bombardier did “a bad job” explaining its decision to raise executive compensation, but the company has listened to the public and is now ready to turn the page, CEO Alain Bellemare says.

October 13, 2016

In an interview, Bellemare acknowledged that Bombardier (TSX:BBD.B) underestimated the anger that would erupt over the pay hikes, which were to come as it was issuing pink slips to thousands of employees while receiving federal and provincial assistance.

“It’s all on us at Bombardier,” he said. “The message here is we did listen, we paid attention, we care.”

Bellemare announced late Sunday that he has asked Bombardier’s board of directors to delay the payment of more than half of this year’s total planned compensation for six executive officers, including himself, by one year — until 2020. The compensation would be paid as long as certain objectives that haven’t changed are met by that time.

The remuneration is required to attract top talent to turn around the company’s fortunes, which in turn benefits employees and shareholders alike, he said.

Last week, the company issued a proxy circular showing that Bellemare and five others were in line for a nearly 50 per cent increase in compensation, most of which was to be granted in 2019. The disclosure stoked fierce outcry that lasted for days, including a weekend protest at Bombardier’s headquarters in Montreal.

Federal Economic Development Minister Navdeep Bains said Monday that like many Canadians, he was disappointed by the Bombardier executive pay raises, but it seems like the company is trying to address those concerns.

“Clearly there’s a recognition that they need to make changes, that they need to approach this differently,” Bains said, striking a different message from the one offered by the prime minister last week.

Asked how he can justify the $372.5-million federal loan for Bombardier’s CSeries and Global 7000 aircraft programs, Justin Trudeau said his government respects “the free market and the choices that companies will make.” (Source: CTV news) 

 

Wednesday August 24, 2016

By Graeme MacKay, The Hamilton Spectator - Wednesday August 24, 2016 Locals outraged at OttawaÕs Òdeafening silenceÓ on steel industry Union leaders, Opposition MPs and even the Chamber of Commerce are pressing the federal government to help Canada's struggling steel industry. Two Hamilton Members of Parliament, three chambers of commerce and union leaders at the local and provincial levels separately have called for help for the industry and especially for retirees and workers in Hamilton. NDP MPs Scott Duvall (Hamilton Mountain)Êand Dave Christopherson (Hamilton Centre) have written to Economic Development Minister Navdeep Bains, saying the federal government has stayed on the sidelines too long. "To date, your government has not been tangibly involved in any way to help protect the jobs, benefits and pensions of current and former employees of USSC/Stelco despite commitments previously made by colleagues and the Prime Minister" they wrote. "Workers, pensioners, the business community and the City of Hamilton have all appealed for your help. So far, you and your government have been missing in action.Ó As a start, they want the government to release the "secret deal" that ended a lawsuit against U.S. Steel for breaking the production and employment promises it made to get government approval for the acquisition. They also back a call by the United Steelworkers union for a public inquiryÊinto Canadian bankruptcy law they say favours creditors at the expense of workers and retirees, and the 2007 takeover of Stelco by U.S. Steel. Duvall has raised the issue in ParliamentÊseveral times. U.S. Steel Canada, the former Stelco, has been under creditor protection since Sept. 16, 2014. It is seeking a buyer for the mills in Hamilton and Nanticoke. On the business front, chambers of commerce in Hamilton, Windsor and Sault Ste. Marie are taking a joint resolution to the Canadian chamber's national convention calling for a policy to protect the industry from unfair fo

By Graeme MacKay, The Hamilton Spectator – Wednesday August 24, 2016

Locals outraged at Ottawa’s “deafening silence” on steel industry

Union leaders, Opposition MPs and even the Chamber of Commerce are pressing the federal government to help Canada’s struggling steel industry.

Two Hamilton Members of Parliament, three chambers of commerce and union leaders at the local and provincial levels separately have called for help for the industry and especially for retirees and workers in Hamilton.

By Graeme MacKay, Editorial Cartoonist, The Hamilton Spectator - Thursday September 26, 2015 Dispute over U.S. Steel Canada restructuring sent to mediation The dispute between United States Steel Corp. and its stakeholders over the future of U.S. Steel Canada Inc., has been sent to mediation by the Ontario Superior Court judge overseeing the Canadian unitÕs restructuring. The issues in dispute between the United Steelworkers union, the Ontario government, salaried active and retired employees, and a former president of its predecessor company Stelco Inc. on one side and U.S. Steel on the other, will be examined by former Ontario Superior Court associate chief justice Douglas Cunningham in a three-day session scheduled to begin next week. ÒThe mediation shall address the feasibility of a comprehensive agreement among the parties,Ó Justice Herman Wilton-Siegel said in an order. The mediation will also address a business plan for the Canadian unit, its potential sale, the shift of production of high value-added steel to the United States and U.S. SteelÕs claim of more than $2-billion against the Canadian unit. U.S. Steel Canada has been operating under the CompaniesÕ Creditors Arrangement Act since last September, but the announcement by its parent company that it plans to shift production of about 180,000 tons of high-quality steel annually out of its Canadian operations has sparked an imminent crisis in the restructuring. Shifting production would diminish the value of the Canadian assets in the eyes of potential buyers, steel industry sources said. U.S. Steel has started a sales process that has led to a bid by one competitor Ð Essar Steel Algoma Inc., which is based in Sault Ste. Marie, Ont., but has the backing of a deep-pocketed parent company in India. Potential buyers also need to wonder whether other steel-making contracts will be shifted out of Canada, leaving the Canadian operations to depend entirely on the spot steel market. Stakeholders have quest

Thursday September 26, 2015

NDP MPs Scott Duvall (Hamilton Mountain) and Dave Christopherson (Hamilton Centre) have written to Economic Development Minister Navdeep Bains, saying the federal government has stayed on the sidelines too long.

“To date, your government has not been tangibly involved in any way to help protect the jobs, benefits and pensions of current and former employees of USSC/Stelco despite commitments previously made by colleagues and the Prime Minister” they wrote. “Workers, pensioners, the business community and the City of Hamilton have all appealed for your help. So far, you and your government have been missing in action.”

As a start, they want the government to release the “secret deal” that ended a lawsuit against U.S. Steel for breaking the production and employment promises it made to get government approval for the acquisition.

They also back a call by the United Steelworkers union for a public inquiry into Canadian bankruptcy law they say favours creditors at the expense of workers and retirees, and the 2007 takeover of Stelco by U.S. Steel. Duvall has raised the issue in Parliament several times.

Thursday September 18, 2014

September 18, 2014

U.S. Steel Canada, the former Stelco, has been under creditor protection since Sept. 16, 2014. It is seeking a buyer for the mills in Hamilton and Nanticoke.

On the business front, chambers of commerce in Hamilton, Windsor and Sault Ste. Marie are taking a joint resolution to the Canadian chamber’s national convention calling for a policy to protect the industry from unfair foreign competition.

By Graeme MacKay, Editorial Cartoonist, The Hamilton Spectator - Friday October 9, 2015 Decision on U.S. Steel Canada benefit, tax cuts Friday The judge presiding over U.S. Steel Canada restructuring hearings says he will render a decision Friday on a controversial plan to sever the subsidiary from its parent company and relieve it of tens of millions of dollars in pension benefit and municipal tax obligations. Justice Herman J. Wilton-Siegel said it is one of the toughest decisions he has had to make from the bench. He said he will give a short written summary of his decision tomorrow and then follow it up with a detailed explanation next week. Dozens of USSC retirees bused into Toronto again today and packed the courtroom where lawyers representing stakeholders gave their final submissions. A lawyer for the steelmaker reiterated the company's position that USSC was a victim of circumstances and changing market conditions that turned the business into a crisis requiring the difficult measures of the transition agreement. Pension benefit obligations were estimated to be $40 million before the end of this year and the company does not have the funds, he said. He refuted arguments from United Steelworkers lawyers that savings could be found elsewhere Ñ making the pension benefit hit unnecessary Ñ and that the company's grim fortunes were the result of steel orders being moved from the Canadian subsidiary to other U.S. Steel operations. United Steelworkers 1005 President Gary Howe said after the hearing that he expects the judge to go along with the company plan because it has the backing of the monitor overseeing the proceedings. In its most recent statement, the monitor said "a near-term cessation of operations will be necessary" if the company plan isn't accepted. (Source: Hamilton Spectator) http://www.thespec.com/news-story/5951456-decision-on-u-s-steel-canada-benefit-tax-cuts-friday/ Hamilton, U.S. Steel, Trade, Foreign Investment, subsidies, bailout, St

Friday October 9, 2015

“The biggest issue for us is dumping from China,” said Hamilton Chamber of Commerce president Keanin Loomis. “Obviously there’s a real issue of fairness there.”

Products are dumped in foreign markets when they are sold for less than their costs of production or with subsidies from a government.

“What we want is a level playing field in the global production and procurement process,” added Rory Ring, executive director of the Sault chamber. “We’re competing against companies that are either government owned or that operate with less than reasonable environmental and labour laws.” (Source: Hamilton Spectator)

 

 

Tuesday December 15, 2015

By Graeme MacKay, Editorial Cartoonist, The Hamilton Spectator - Tuesday December 15, 2015 After Paris climate talks comes the hard part: a global carbon diet The world is about to go on a carbon diet. It won't be easy Ñ or cheap. Nearly 200 countries across the world on Saturday approved a first-of-its-kind universal agreement to wean Earth off fossil fuels and slow global warming, patting themselves on the back for showing such resolve. On Sunday morning, like for many first-day dieters, the reality sets in. The numbers Ñ like calorie limits and hours needed in the gym Ñ are daunting. How daunting? Try more than 7.04 billion tonnes. That's how much carbon dioxide needs to stay in the ground instead of being spewed into the atmosphere for those reductions to happen, even if you take the easier of two goals mentioned in Saturday's deal. To get to the harder goal, it's even larger numbers. In the pact, countries pledged to limit global warming to about another one degree Celsius from now (or 2 C measuring against the pre-industrial average global surface temperature) Ñ and if they can, only half that. Another, more vague, goal is that by sometime in the second half of the century, human-made greenhouse gas emissions won't exceed the amount that nature absorbs. Earth's carbon cycle, which is complex and ever-changing, would have to get back to balance. (Source: CBC News) http://www.cbc.ca/news/world/paris-cop21-climate-deal-fallout-1.3363024 Canada, Carbon, Climate Change, Justin Trudeau, Kathleen Wynne, Rachel Notley, Catherine McKenna, Business, oil, industry, manufacturing, sustainable, development

By Graeme MacKay, Editorial Cartoonist, The Hamilton Spectator – Tuesday December 15, 2015

After Paris climate talks comes the hard part: a global carbon diet

The world is about to go on a carbon diet. It won’t be easy — or cheap.

Nearly 200 countries across the world on Saturday approved a first-of-its-kind universal agreement to wean Earth off fossil fuels and slow global warming, patting themselves on the back for showing such resolve.

By Graeme MacKay, Editorial Cartoonist, The Hamilton Spectator - Saturday November 28, 2015 Paris climate talks: powerful business lobbies seek to undermine deal As the UNÕs climate talks in Paris begin, the lobbying and public relations push from some of the biggest corporations responsible for climate change has gone into overdrive. What are the messages theyÕre so keen to spread, and what will they mean for the COP21 conference Ð and for the climate? A recent report from the NGO Corporate Europe Observatory reveals that whatÕs on offer at COP21 is nothing short of a climate catastrophe, a guaranteed recipe to cook the planet. But rather than sending the dish back, political leaders have asked for seconds, bringing the very companies responsible for the problem ever closer into the UN fold. James Bacchus, a trade expert at the International Chamber of Commerce, says: ÒThis issue is important for governments to address but it is far too important to leave to governments alone.Ó Fortunately for Bacchus, the UN agrees. The problem, however, is that is has also succeeded in creating several platforms to ensure business-friendly proposals are at the heart of climate policy-making, rather than vice versa. New markets, experimental technologies, all endorsed so polluters donÕt have to change their business models. The UNÕs climate chief, Christiana Figueres Ð who before taking up her post was principal climate change advisor to Latin AmericaÕs leading energy utility, Endesa Ð has even told the world to Òstop demonising oil and gas companiesÓ. (Continued: The Guardian) http://www.theguardian.com/sustainable-business/2015/nov/27/paris-climate-talks-un-business-lobbying-deal-governments Climate Change, COP21, Paris, conference, environment, business, summit, machinery, talk, action

On Sunday morning, like for many first-day dieters, the reality sets in. The numbers — like calorie limits and hours needed in the gym — are daunting.

How daunting? Try more than 7.04 billion tonnes. That’s how much carbon dioxide needs to stay in the ground instead of being spewed into the atmosphere for those reductions to happen, even if you take the easier of two goals mentioned in Saturday’s deal. To get to the harder goal, it’s even larger numbers.

In the pact, countries pledged to limit global warming to about another one degree Celsius from now (or 2 C measuring against the pre-industrial average global surface temperature) — and if they can, only half that.

Another, more vague, goal is that by sometime in the second half of the century, human-made greenhouse gas emissions won’t exceed the amount that nature absorbs. Earth’s carbon cycle, which is complex and ever-changing, would have to get back to balance. (Source: CBC News)