Canada Top Court Won’t Hear U.S. Steel Challenge of Takeover Law

Nov. 24 (Bloomberg) -- Canada’s Supreme Court says it won’t hear a challenge of the country’s foreign investment laws brought by United States Steel Corp.

U.S. Steel challenged the constitutionality of the part of the law that lets the industry minister demand relief if foreign investors don’t comply with commitments they make when they ask the government to approval a takeover.

Canada took U.S. Steel to court in 2009 after it said the company hadn’t complied with pledges it made on spending, output and research and development following its takeover of Stelco Inc. in 2007.

To contact the reporter on this story: Andrew Mayeda in Ottawa at amayeda@bloomberg.net

To contact the editor responsible for this story: Paul Badertscher at pbadertscher@bloomberg.net