STELCO SERIES: BOOM, BUST, BURST The purpose of this paper is to analyze the significance and development of unionized organizations on governmental intervention between corporate juggernauts and the labour force. This paper benefits from a preponderance of primary data backing up claims made by the writer. Utilizing an appropriate theoretical framework brought to light various conceptual difficulties pertaining to unionized cooperation with corporate restructuring. This paper will draw upon Stelco’s entrance into corporate bankruptcy restructuring, the global effect and whiplash received by former American steel mills, and the aftermath of the North American steel crisis on Canadian markets. On January 24th of 2004, U.S. Steel Canada [formerly Stelco] filed for bankruptcy protection under the Companies’ Creditor Agreement Act [CCAA]. The CCAA is a governmental framework that …show more content…
Domesticated steel companies offered developing countries the opportunity to create a globalized economy whilst global prestige. Developing industrialists produced a surplus of steel as a direct mean of attracting Canadian currency. Production increased to 40-50% greater than domestic demand, targeting specific Canadian brand lines.11 Ensuing the Asian economic crisis of the 1990s, a fallout was experience by North American steel manufacturers from a series of industrial meltdowns in South America to Asia. Many former state industries decided to relieve their burdens by dumping steel in the Canadian markets. The abundance of foreign steel led to a cycle of North American bankruptcies, wiping out a heritage of steel mills. It was not until 2003 had the Canadian government begun investigating allegations of steel dumping by Bulgaria, Romania, and the Czech