At what point does Canada become a toy country?
In August, the last of the major Canadian steel makers was sold to United States Steel Corporation for $1.1 billion. Earlier, Dofasco was sold to a European company which has since been swallowed up by Mittal Steel Co. of India.
This latest foreign takeover is just one in a list that is becoming longer than the Canadian winter. Canadian mining giant Inco Ltd., is now owned by Brazil’s CVRD, and Falconbridge Ltd. of Sudbury — which Inco tried unsuccessfully to acquire — is the property of Xstrata, a Swiss-based company. The combined selling price for these two famous Canadian companies was $38 billion.