Re: Algoma, lenders and Noront....True Value.
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posted on
Sep 29, 2017 09:27AM
NI 43-101 Update (September 2012): 11.1 Mt @ 1.68% Ni, 0.87% Cu, 0.89 gpt Pt and 3.09 gpt Pd and 0.18 gpt Au (Proven & Probable Reserves) / 8.9 Mt @ 1.10% Ni, 1.14% Cu, 1.16 gpt Pt and 3.49 gpt Pd and 0.30 gpt Au (Inferred Resource)
By Elaine Della-Mattia, Sault Star
Thursday, September 28, 2017 4:48:41 EDT PM
Essar Steel Algoma
The Ontario Chamber of Commerce has adapted a resolution that will see it lobby about the importance of the Canadian steel industry.
The resolution, raised initially by Sault Ste. Marie and Hamilton and Windsor-Essex chambers, calls on the Canadian Chamber to actively lobby the federal government to identify steel as a “core industry” and a “critical element” of the national economy.
It also urges the Canadian Chamber to communicate the need for an immediate and coordinated response to importation of non-market economy produced steel and encourages a free and full access to each other’s market.
The importance of the Canadian steel market on U.S. government must also be stressed, the resolution concludes.
Rory Ring, chief executive officer of the Sault Chamber of Commerce, said the resolution increases the level of recognition to the challenges the industry faces on international trade issues and anti-dumping legislation.
While Canada and the United States are leaders in addressing industry carbon footprint issues, the two countries also need to ensure that there is access to each other’s industry and avoid a “buy American” stance that could hurt Canada.
“If Chinese steel is not allowed into the U.S., then it will be dumped in Canada and that will be devastating for our producers,” Ring told The Sault Star. “Any disruption to either of our markets will negatively affect the other.”
Ring said it’s important that Canada reinforces its legislation and trade policy that already exists, and the resolution passed by the Canadian Chamber will be used as a lobby tool.
The Canadian Chamber of Commerce represents 450 chambers of commerce organizations and 200,000 businesses of all sizes.
Ring said that locally, the Chamber will now pen a letter to both Prime Minister Justin Trudeau and François-Philippe Champagne, the Minister of International Trade and NAFTA negotiators.
“It’s another tool we’re using to continue to press the government on the importance of this industry in Canada,” Ring said.
This follows last year’s resolution from the three Chambers that called for the federal government to develop a co-ordinated steel manufacturing strategy.
That resolution resulted in the three travelling to Ottawa to appear before Canada’s Standing Committee on International Trade, where they delivered the message that unfair trade practices hurt communities and businesses.
A second trip allowed the Chambers to participate in the all-party Parliamentary Steel Caucus.