Ontario Government Appoints Special Advisor To Work With Steel Industry
MISSISSAUGA -- Premier Dalton McGuinty today appointed James Arnett as Ontario's special advisor to work with Ontario steel producers that are currently restructuring their businesses in order to ensure their continued operations.
The Premier made the announcement as Stelco Inc. applied for court protection from creditors under the Companies' Creditor Arrangement Act (CCAA), and began to restructure its operations. Two other Ontario steel companies -- Slater and Ivaco -- are already under CCAA protection.
Premier McGuinty intends to speak today with the mayors of Hamilton and the County of Haldimand, union leaders, and senior management at Stelco.
"I will let them know that while their government understands the stress times like these bring for families and communities alike, we are hopeful that the restructuring process will be successful in enabling Ontario's steel companies to regain their position of strength within the North American steel industry," the Premier said.
"I will also let them know that we will continue to work closely with them as restructuring takes place in the steel industry," the Premier added.
Arnett served as CEO of Molson Inc. from 1997-2000, where he successfully led the reorganization of the company. He is currently Counsel to the law firm Fraser Milner Casgrain.