Lakeside Steel Inc. is interested in acquiring some or all of the assets of Barzel Industries Inc. through the Chapter 11 bankruptcy process, Ontario’s Welland Tribune reported. On Sept. 15, Barzel and its U.S. subsidiaries voluntarily petitioned for protection under Chapter 11 of the U.S. Bankruptcy Code and its Canadian subsidiaries filed an application in Canada seeking protection under the provisions of the Companies' Creditors Arrangement Act.

Sterlite Industries Ltd said on Monday that it would release Grupo Mexico SAB de CV from a potential legal liability of nearly $8 billion if the Indian miner can win control of bankrupt U.S. copper miner Asarco LLC, Reuters reported. In a court document filed on Monday, Sterlite said that if a federal court approves its plan to acquire Asarco over rival bidder Grupo Mexico's offer, it would not hold Grupo Mexico liable for more than about $900 million of liability related to the 2003 transfer of a Peruvian mine.

Nortel Networks Corp. said Monday that it intends to auction off some of the company's carrier networks business assets in bankruptcy court, The Associated Press reported. Nortel said the auction will be for its next-generation packet core network components, which include software that helps transfer data over wireless networks, related non-patent intellectual property and equipment. Nortel also anticipates granting the buyer a non-exclusive license of relevant patent intellectual property.

The president of a leading European business group has condemned Germany's plan to sweeten the sale of Opel, General Motors' European arm, to a Canadian-led consortium with an offer of billions of euros in subsidies, the Financial Times reported. "We would have been much better off if we had had a structured insolvency. That would have left Opel in Europe in a much stronger position," said Jürgen Thumann, head of BusinessEurope, a pan-European employers' federation.

Canada has decided against launching a review of the $1.13 billion sale of the wireless assets of bankrupt Nortel Networks to Sweden's Ericsson, Industry Minister Tony Clement said on Wednesday. "I am satisfied that the assets sold fall well below the threshold required for a review under the Investment Canada Act," Clement said at a press conference in Toronto, Reuters reported.

Canada's auto warranty program designed to help out the troubled North American car industry ended today and it didn't cost taxpayers a dime, Industry Minister Tony Clement says. "It was never activated because it was conditional upon either Chrysler or GM going into (bankruptcy protection) in Canada and neither of them happened," Clement told the Toronto Star.

There is rough news for employees at Arclin Canada with word that workers in Thunder Bay are being laid off, Net News Ledger reported. The move comes as the company continues to restructure. On July 27, 2009, Arclin announced that it reached an agreement in principle with certain of its key senior lenders on the terms of a financial restructuring to strengthen the Company’s balance sheet and enhance its financial flexibility. Under terms of the agreement, Arclin’s funded indebtedness will be reduced from US$234 million to US$60 million.

Unless government programs for the unemployed are refined, there is a danger that high jobless rates will persist beyond 2010 in advanced economies, the Organization for Economic Cooperation and Development warned on Wednesday. The international organization said that unemployment among its 30 member nations would rise to nearly 10 percent by the end of 2010, above its previous post-1970 peak of 7.5 percent during the second quarter of 1993, The New York Times reported.

China unexpectedly ratcheted up pressure on the United States in a widening trade dispute on Sunday evening, taking steps toward imposing tariffs on American exports of automotive products and chicken meat in retaliation for President Obama’s decision late Friday to levy tariffs on tires, The New York Times reported.

Indian metals maker Sterlite Industries Ltd said on Friday it raised its offer price for bankrupt U.S. copper miner Asarco to $2.565 billion, Reuters reported. Sterlite, a unit of India-focused mining company Vedanta Resources, has been facing off with Mexican miner Grupo Mexico for the assets of Asarco, which has been under bankruptcy protection since 2005. Last month a U.S. bankruptcy court recommended that Grupo Mexico be allowed to take control of Asarco as it was more likely to pay Asarco's creditors in full.