Terence Corcoran: Is a plan to build an all-Canadian EV the key to our auto industry's future?

With no federal budget in sight there is no way of knowing which of the Liberal government's grand economic platform strategies and major government interventions are still on Prime Minister Mark Carney's must-do list. The only item on the official agenda at the moment is a July 1 reduction in the middle-class tax rate from 15 to 14 per cent, a move that will cost the government about $5 billion this year and raise the 2025-26 deficit closer to $50 billion.
The deficit could soar in coming months and years, depending on the trajectory of global economic conditions and on whether Carney appears at his desk in the PMO to sign other pre-budget spending orders. On reflection, maybe it's a good thing that the government has decided to postpone budget delivery until the fall. While it would be useful to have an accurate federal fiscal outlook today, the last thing we need now is one of Ottawa's ritual 500-page tax, borrow and spend extravaganzas.
Canadians can be grateful that as the United States charges uncertainly into a probable fiscal mess, Canada can drift through the summer giving careful second thought to some of the Liberal expansions of federal spending. Do we really need and want a $5-billion 'trade diversifications corridors fund' or a $3-billion annual Build Canada Homes plan, or a $2-billion plan to build an 'auto industry strategic response fund' as part of a plan to 'leverage government funding to prioritize and procure Canadian-built vehicles, catalyzing domestic investment to grow the Canadian auto industry.'
The Canadian auto industry dreamscape is a big one that should be subjected to careful study before adding new initiatives to a national industrial strategy that is already off the road. As recent announcements from major auto companies (Honda, Stellantis) indicate, the global auto market is in a state of dramatic upheaval and Canada is in no position to be investing the dozens of billions already committed to a market filled with uncertainty.
Some say Canada needs a dramatic shift in its national approach to the transitioning global auto industry, one that involves creating a Canadian-owned model to produce new made-in-Canada automobiles. One of the leaders of the make-it-in-Canada movement is Flavio Volpe, head of Canada's Automotive Parts Manufacturers' Association (APMA). For more than half a decade, the APMA under Volpe has been working on Project Arrow, a model of a potential fully Canadian EV designed and manufactured in Canada. Volpe told the National Observer earlier this month that it is time 'for a big rethink of the auto sector canon. We can't continue to think conventionally.' With Project Arrow, he added, 'Canada shows it has the technology and the people to do an 'all-Canadian' car.'
Volpe said the Arrow is a 'platform and showcase' that contains 25 Canadian EV technologies, innovative drivetrains, 3D-printed chassis and state-of-the-art navigation systems. Whether the Arrow lives up to all the hype from APMA's 400 parts manufacturers is open to question.
Federal Finance Minister François-Philippe Champagne has in the past supported the Arrow. Speaking as innovation minister prior to a 2023 Arrow promo tour to Las Vegas, Champagne said, 'Project Arrow is a shining example of what Canadian talent can accomplish. We have all the technical know-how and people required to do this successfully.'
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So far, however, the Arrow lacks momentum and faces major competitive realities. The target market price of an Arrow is said to be C$35,000, low by current EV standards in Canada but not by Made-in-China standards, where prices run to C$20,000 or lower. Would Canada continue to need 100 per cent tariffs on Chinese autos? Which is one reason Volpe told the Globe and Mail earlier this week that he would like Ottawa, the provinces and industry to modestly fund a 'feasibility study' into the possibility of getting a Canadian-owned EV manufacturing operation up and running. Such a study, he said, would cost somewhere between $5 million and $20 million. OK. Good idea. Let's do a $20-million study before we bring in a budget with a multibillion-dollar plan to create a new Canadian auto company. We should do that more often.

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Yahoo

an hour ago

• Yahoo

Amrize Debuts as Independent, Publicly Traded Company

100% spin-off from Holcim complete Amrize begins trading on NYSE and SIX under ticker symbol "AMRZ" Amrize to be the partner of choice for North America's professional builders NEW YORK & ZURICH, June 23, 2025--(BUSINESS WIRE)--Amrize announces its debut today as an independent, publicly traded company with the completion of its 100% spin-off from Holcim. Amrize shares will begin trading today on the New York Stock Exchange (NYSE) and the SIX Swiss Exchange under the ticker symbol "AMRZ." Amrize is building North America, as the partner of choice for professional builders with advanced branded solutions from foundation to rooftop. With over 1,000 sites and a highly efficient distribution network, Amrize delivers for its customers in every U.S. state and Canadian province. Its 19,000 teammates uniquely serve every construction market from infrastructure, commercial and residential to new build, repair and refurbishment. Jan Jenisch, Amrize Chairman and CEO: "This is an exciting day for all our teammates across North America as we begin our journey together as Amrize. As an independent, publicly traded company, Amrize will capitalize on North America's attractive construction market driven by long term mega-trends from infrastructure modernization and onshoring of manufacturing to data center expansion and the opportunity to bridge the housing gap. With our track record of profitable growth, market-leading operations and broad range of advanced building solutions, we are ideally positioned to be the partner of choice for the professional builders of North America and to unlock value for all stakeholders. "It has been a privilege to be part of Holcim since 2017 and I thank the entire Holcim team for their outstanding performance and contributions over the years, including the exceptional execution of our spin-off creating two distinct, independent champions. I wish the Holcim team every success as they begin their next chapter." The spin-off is completed via the distribution of a dividend-in-kind of one Amrize share for every Holcim share owned as of the close of business on June 20, 2025. In 2024, Amrize generated $11.7 billion in revenue, a 13% CAGR from 2021; and achieved $3.2 billion in Adjusted EBITDA1, a 16% CAGR since 2021, with an overall 27% Adjusted EBITDA Margin2. The company generated $1.7 billion in Free Cash Flow3 in 2024, a 15% CAGR since 2021, and has consistently delivered Adjusted EBITDA Cash Conversion Ratio4 of more than 50% each year. The company has completed 36 acquisitions since 2018. Amrize presented its business strategy and mid-term financial targets at its investor day in New York on March 25. Now an independent, publicly traded company, Amrize will continue to deliver superior performance and value creation with above market growth, margin expansion and leading cash generation. It will pursue a growth-focused strategy with capital allocation prioritizing investments in the business, value accretive M&A and superior shareholder returns. Company leaders will mark the milestone by ringing the NYSE opening bell today at 9:30 am ET. Amrize leaders will then visit sites across the U.S. and Canada to celebrate and thank teammates. About Amrize Amrize (NYSE: AMRZ) is building North America, as the partner of choice for professional builders with advanced branded solutions from foundation to rooftop. With over 1,000 sites and a highly efficient distribution network, we deliver for our customers in every U.S. state and Canadian province. Our 19,000 teammates uniquely serve every construction market from infrastructure, commercial and residential to new build, repair and refurbishment. Amrize achieved $11.7 billion in revenue in 2024 and is listed on the New York Stock Exchange and the SIX Swiss Exchange. We are ready to build your ambition. Learn more at Important disclaimer – forward-looking statements: This media release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements do not constitute forecasts and include all statements that are not historical statements of fact and those regarding our intent, belief, targets or expectations, including, but not limited to: future commercial or financial performance or the anticipated benefits or effects of the spin-off; Amrize's expected areas of focus and strategy to drive growth and profitability and create long-term shareholder value; the impact of planned acquisitions and divestments and any other statements regarding Amrize's future operations, anticipated business levels, planned activities, anticipated growth, market opportunities, strategies and other expectations. Although Amrize believes that the expectations reflected in such forward-looking statements are based on reasonable assumptions as at the time of publishing this media release, investors are cautioned that these statements are not guarantees of future performance. No assurance can be given that any plan, initiative, projection, goal, commitment, expectation or prospect set forth in this media release can or will be achieved, or that Amrize will be able to realize any strategic benefits or opportunities as a result of these actions. Neither can there be any guarantee that shareholders will achieve any particular level of returns, or that Amrize will be commercially successful in the future or achieve any particular financial result. We caution investors not to place undue reliance on any such forward-looking statements. Words such as "anticipate(s)," "expect(s)," "intend(s)," "believe(s)," "plan(s)," "may," "will," "would," "could," "should," "seek(s)," and similar expressions, or the negative of these terms, are intended to identify such forward-looking statements. These statements are based on management's current expectations and beliefs and are subject to a number of risks and uncertainties that could lead to actual results differing materially from those forecasted or expected. Although we believe that the assumptions underlying the forward-looking statements are reasonable, we can give no assurance that our expectations will be attained, and Amrize assumes no (and disclaims any) obligation to revise or update such forward-looking statements to reflect future events or circumstances. We make no representations or warranties as to the accuracy of any statements or information contained in this media release. Important factors that could cause actual results to differ from those in our forward-looking statements include, without limitation: 1) the effect of political, economic and market conditions and geopolitical events, 2) the logistical and other challenges inherent in our operations, 3) the actions and initiatives of current and potential competitors, 4) the level and volatility of, interest rates and other market indices, 5) the outcome of pending litigation, 6) the impact of current, pending and future legislation and regulation, 7) factors related to the failure of Amrize to achieve some or all of the expected strategic benefits or opportunities expected from the separation, 8) that Amrize may incur material costs and expenses as a result of the separation, 9) that Amrize has no history operating as an independent, publicly traded company, 10) that Amrize's historical and pro forma financial information is not necessarily representative of the results that it would have achieved as a separate, publicly traded company and therefore may not be a reliable indicator of its future results, 11) Amrize's obligation to indemnify Holcim pursuant to the agreements entered into connection with the separation and the risk Holcim may not fulfill any obligations to indemnify Amrize under such agreements, 12) that under applicable tax law, Amrize may be liable for certain tax liabilities of Holcim following the separation if Holcim were to fail to pay such taxes, 13) the fact that Amrize may receive worse commercial terms from third-parties for services it presently receives from Holcim, 14) that after the separation, certain of Amrize's executive officers and directors may have actual or potential conflicts of interest because of their previous positions at Holcim, 15) potential difficulties in maintaining relationships with key personnel and 16) that Amrize will not be able to rely on the earnings, assets or cash flow of Holcim and Holcim will not provide funds to finance Amrize's working capital or other cash requirements. Readers should carefully review the final information statement relating to the spin-off, including but not limited to the matters described under "Risk Factors", "Management's Discussion and Analysis of Financial Condition and Results of Operations" and in other sections. The final information statement identifies and addresses other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. A copy of the final information statement has been filed with the SEC as Exhibit 99.1 to the Current Report on Form 8-K dated June 2, 2025 and is available at This media release does not constitute an offer to sell, or a solicitation of an offer to buy or subscribe for, any securities nor shall it or any part of it nor the fact of its distribution form the basis of, or be relied on, in connection with any contract therefore. This media release does not constitute a prospectus as defined in the Swiss Financial Services Act of 15 June 2018 or a prospectus under the securities laws and regulations of the United States or any other laws. This media release does not constitute a recommendation with respect to the shares of Amrize. Non-GAAP Financial Measures This media release contains certain financial measures of historical performance and financial positions that are not prepared in accordance with U.S. generally accepted accounting principles ("U.S. GAAP"). We refer to these measures as "non-GAAP" financial measures. Management believes that these non-GAAP financial measures are useful information to help describe the performance of Amrize. These non-GAAP financial measures should not be considered as alternatives to financial measures prepared in accordance with U.S. GAAP. The reasons Amrize uses these non-GAAP financial measures are included in Amrize's final information statement filed with the SEC and the reconciliations to their most directly comparable GAAP financial measures are included below. Definitions of Non-GAAP Financial Measures: EBITDA is defined as Net income (loss), excluding Depreciation, depletion, accretion and amortization, Interest expense, net and Income tax benefit (expense). 1 Adjusted EBITDA is defined as Segment Adjusted EBITDA including unallocated corporate costs. Segment Adjusted EBITDA is defined as Net income (loss), excluding unallocated corporate costs, Depreciation, depletion, accretion and amortization, Loss on impairments, Other non-operating income (expense), net, Interest expense, net, Income tax benefit (expense), Income from equity method investments, and certain other items, such as costs related to acquisitions, certain litigation costs, restructuring costs, charges associated with non-core sites and certain warranty charges related to a pre-acquisition manufacturing issue and transaction costs related to the spin-off. 2 Adjusted EBITDA Margin is defined as Adjusted EBITDA divided by revenues. 3 Free Cash Flow is defined net cash provided by (used in) operating activities plus proceeds from property and casualty insurance, proceeds from land expropriation and proceeds from disposals of long-lived assets less purchases of property, plant and equipment. 4 Adjusted EBITDA Cash Conversion Ratio is defined as Free Cash Flow divided by Adjusted EBITDA. Reconciliation of Non-GAAP Financial Measures The table below reconciles our net income and net income margin, the most directly comparable financial measures calculated in accordance with U.S. GAAP, to Adjusted EBITDA and Adjusted EBITDA Margin, respectively. For the years ended December 31, (In millions, except for percentage data) 2024 2023 2022 Net income $1,273 $955 $1,107 Depreciation, depletion, accretion and amortization 889 851 788 Interest expense, net 512 549 248 Income tax expense 368 361 366 EBITDA 3,042 2,716 2,509 Loss on impairments 2 15 57 Other non-operating (income) expense, net(1) 55 36 (9) Income from equity method investments (13) (13) (13) Other(2) 95 90 55 Adjusted EBITDA 3,181 2,844 2,599 Unallocated corporate costs 141 155 112 Total Segment Adjusted EBITDA $3,322 $2,999 $2,711 Building Materials 2,552 2,314 2,049 Building Envelope 770 685 662 Net income margin 11% 8% 10% Adjusted EBITDA Margin 27% 24% 24% (1) Other non-operating (income) expense, net primarily consists of costs related to pension and other postretirement benefit plans and gains on proceeds from property and casualty insurance. (2) Other primarily consists of costs related to acquisitions, certain litigation costs, restructuring costs, charges associated with non-core sites, certain warranty charges related to a pre-acquisition manufacturing issue and transaction costs related to the spin-off. The table below reconciles our net cash provided by operating activities, the most directly comparable financial measure calculated in accordance with U.S. GAAP, to Free Cash Flow and Adjusted EBITDA Cash Conversion Ratio. For the years ended December 31, (In millions, except for percentage data) 2024 2023 2022 Net cash provided by operating activities $2,282 $2,036 $1,988 Capital expenditures, net(1) (549) (581) (436) Free cash flow $1,733 $1,455 $1,552 Net income 1,273 955 1,107 Adjusted EBITDA 3,181 2,844 2,599 Adjusted EBITDA cash conversion ratio 0.54 0.51 0.60 (1) Capital expenditures, net includes purchases of property, plant and equipment, proceeds from property and casualty insurance income, proceeds from land expropriation and proceeds from disposals of long-lived assets. View source version on Contacts Media Relations: media@ Investor Relations: investors@ Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data

Business Wire

2 hours ago

• Business Wire

Amrize Debuts as Independent, Publicly Traded Company

NEW YORK & ZURICH--(BUSINESS WIRE)--Amrize announces its debut today as an independent, publicly traded company with the completion of its 100% spin-off from Holcim. Amrize shares will begin trading today on the New York Stock Exchange (NYSE) and the SIX Swiss Exchange under the ticker symbol 'AMRZ.' Amrize is building North America, as the partner of choice for professional builders with advanced branded solutions from foundation to rooftop. With over 1,000 sites and a highly efficient distribution network, Amrize delivers for its customers in every U.S. state and Canadian province. Its 19,000 teammates uniquely serve every construction market from infrastructure, commercial and residential to new build, repair and refurbishment. Jan Jenisch, Amrize Chairman and CEO: 'This is an exciting day for all our teammates across North America as we begin our journey together as Amrize. As an independent, publicly traded company, Amrize will capitalize on North America's attractive construction market driven by long term mega-trends from infrastructure modernization and onshoring of manufacturing to data center expansion and the opportunity to bridge the housing gap. With our track record of profitable growth, market-leading operations and broad range of advanced building solutions, we are ideally positioned to be the partner of choice for the professional builders of North America and to unlock value for all stakeholders. 'It has been a privilege to be part of Holcim since 2017 and I thank the entire Holcim team for their outstanding performance and contributions over the years, including the exceptional execution of our spin-off creating two distinct, independent champions. I wish the Holcim team every success as they begin their next chapter.' The spin-off is completed via the distribution of a dividend-in-kind of one Amrize share for every Holcim share owned as of the close of business on June 20, 2025. In 2024, Amrize generated $11.7 billion in revenue, a 13% CAGR from 2021; and achieved $3.2 billion in Adjusted EBITDA 1, a 16% CAGR since 2021, with an overall 27% Adjusted EBITDA Margin 2. The company generated $1.7 billion in Free Cash Flow 3 in 2024, a 15% CAGR since 2021, and has consistently delivered Adjusted EBITDA Cash Conversion Ratio 4 of more than 50% each year. The company has completed 36 acquisitions since 2018. Amrize presented its business strategy and mid-term financial targets at its investor day in New York on March 25. Now an independent, publicly traded company, Amrize will continue to deliver superior performance and value creation with above market growth, margin expansion and leading cash generation. It will pursue a growth-focused strategy with capital allocation prioritizing investments in the business, value accretive M&A and superior shareholder returns. Company leaders will mark the milestone by ringing the NYSE opening bell today at 9:30 am ET. Amrize leaders will then visit sites across the U.S. and Canada to celebrate and thank teammates. About Amrize Amrize (NYSE: AMRZ) is building North America, as the partner of choice for professional builders with advanced branded solutions from foundation to rooftop. With over 1,000 sites and a highly efficient distribution network, we deliver for our customers in every U.S. state and Canadian province. Our 19,000 teammates uniquely serve every construction market from infrastructure, commercial and residential to new build, repair and refurbishment. Amrize achieved $11.7 billion in revenue in 2024 and is listed on the New York Stock Exchange and the SIX Swiss Exchange. We are ready to build your ambition. Learn more at Important disclaimer – forward-looking statements: This media release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements do not constitute forecasts and include all statements that are not historical statements of fact and those regarding our intent, belief, targets or expectations, including, but not limited to: future commercial or financial performance or the anticipated benefits or effects of the spin-off; Amrize's expected areas of focus and strategy to drive growth and profitability and create long-term shareholder value; the impact of planned acquisitions and divestments and any other statements regarding Amrize's future operations, anticipated business levels, planned activities, anticipated growth, market opportunities, strategies and other expectations. Although Amrize believes that the expectations reflected in such forward-looking statements are based on reasonable assumptions as at the time of publishing this media release, investors are cautioned that these statements are not guarantees of future performance. No assurance can be given that any plan, initiative, projection, goal, commitment, expectation or prospect set forth in this media release can or will be achieved, or that Amrize will be able to realize any strategic benefits or opportunities as a result of these actions. Neither can there be any guarantee that shareholders will achieve any particular level of returns, or that Amrize will be commercially successful in the future or achieve any particular financial result. We caution investors not to place undue reliance on any such forward-looking statements. Words such as "anticipate(s)," "expect(s)," "intend(s)," "believe(s)," "plan(s)," "may," "will," "would," "could," "should," "seek(s)," and similar expressions, or the negative of these terms, are intended to identify such forward-looking statements. These statements are based on management's current expectations and beliefs and are subject to a number of risks and uncertainties that could lead to actual results differing materially from those forecasted or expected. Although we believe that the assumptions underlying the forward-looking statements are reasonable, we can give no assurance that our expectations will be attained, and Amrize assumes no (and disclaims any) obligation to revise or update such forward-looking statements to reflect future events or circumstances. We make no representations or warranties as to the accuracy of any statements or information contained in this media release. Important factors that could cause actual results to differ from those in our forward-looking statements include, without limitation: 1) the effect of political, economic and market conditions and geopolitical events, 2) the logistical and other challenges inherent in our operations, 3) the actions and initiatives of current and potential competitors, 4) the level and volatility of, interest rates and other market indices, 5) the outcome of pending litigation, 6) the impact of current, pending and future legislation and regulation, 7) factors related to the failure of Amrize to achieve some or all of the expected strategic benefits or opportunities expected from the separation, 8) that Amrize may incur material costs and expenses as a result of the separation, 9) that Amrize has no history operating as an independent, publicly traded company, 10) that Amrize's historical and pro forma financial information is not necessarily representative of the results that it would have achieved as a separate, publicly traded company and therefore may not be a reliable indicator of its future results, 11) Amrize's obligation to indemnify Holcim pursuant to the agreements entered into connection with the separation and the risk Holcim may not fulfill any obligations to indemnify Amrize under such agreements, 12) that under applicable tax law, Amrize may be liable for certain tax liabilities of Holcim following the separation if Holcim were to fail to pay such taxes, 13) the fact that Amrize may receive worse commercial terms from third-parties for services it presently receives from Holcim, 14) that after the separation, certain of Amrize's executive officers and directors may have actual or potential conflicts of interest because of their previous positions at Holcim, 15) potential difficulties in maintaining relationships with key personnel and 16) that Amrize will not be able to rely on the earnings, assets or cash flow of Holcim and Holcim will not provide funds to finance Amrize's working capital or other cash requirements. Readers should carefully review the final information statement relating to the spin-off, including but not limited to the matters described under "Risk Factors", "Management's Discussion and Analysis of Financial Condition and Results of Operations" and in other sections. The final information statement identifies and addresses other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. A copy of the final information statement has been filed with the SEC as Exhibit 99.1 to the Current Report on Form 8-K dated June 2, 2025 and is available at This media release does not constitute an offer to sell, or a solicitation of an offer to buy or subscribe for, any securities nor shall it or any part of it nor the fact of its distribution form the basis of, or be relied on, in connection with any contract therefore. This media release does not constitute a prospectus as defined in the Swiss Financial Services Act of 15 June 2018 or a prospectus under the securities laws and regulations of the United States or any other laws. This media release does not constitute a recommendation with respect to the shares of Amrize. Non-GAAP Financial Measures This media release contains certain financial measures of historical performance and financial positions that are not prepared in accordance with U.S. generally accepted accounting principles ("U.S. GAAP"). We refer to these measures as "non-GAAP" financial measures. Management believes that these non-GAAP financial measures are useful information to help describe the performance of Amrize. These non-GAAP financial measures should not be considered as alternatives to financial measures prepared in accordance with U.S. GAAP. The reasons Amrize uses these non-GAAP financial measures are included in Amrize's final information statement filed with the SEC and the reconciliations to their most directly comparable GAAP financial measures are included below. Definitions of Non-GAAP Financial Measures: EBITDA is defined as Net income (loss), excluding Depreciation, depletion, accretion and amortization, Interest expense, net and Income tax benefit (expense). 1 Adjusted EBITDA is defined as Segment Adjusted EBITDA including unallocated corporate costs. Segment Adjusted EBITDA is defined as Net income (loss), excluding unallocated corporate costs, Depreciation, depletion, accretion and amortization, Loss on impairments, Other non-operating income (expense), net, Interest expense, net, Income tax benefit (expense), Income from equity method investments, and certain other items, such as costs related to acquisitions, certain litigation costs, restructuring costs, charges associated with non-core sites and certain warranty charges related to a pre-acquisition manufacturing issue and transaction costs related to the spin-off. 2 Adjusted EBITDA Margin is defined as Adjusted EBITDA divided by revenues. 3 Free Cash Flow is defined net cash provided by (used in) operating activities plus proceeds from property and casualty insurance, proceeds from land expropriation and proceeds from disposals of long-lived assets less purchases of property, plant and equipment. 4 Adjusted EBITDA Cash Conversion Ratio is defined as Free Cash Flow divided by Adjusted EBITDA. The table below reconciles our net income and net income margin, the most directly comparable financial measures calculated in accordance with U.S. GAAP, to Adjusted EBITDA and Adjusted EBITDA Margin, respectively. (1) Other non-operating (income) expense, net primarily consists of costs related to pension and other postretirement benefit plans and gains on proceeds from property and casualty insurance. (2) Other primarily consists of costs related to acquisitions, certain litigation costs, restructuring costs, charges associated with non-core sites, certain warranty charges related to a pre-acquisition manufacturing issue and transaction costs related to the spin-off. Expand The table below reconciles our net cash provided by operating activities, the most directly comparable financial measure calculated in accordance with U.S. GAAP, to Free Cash Flow and Adjusted EBITDA Cash Conversion Ratio. (1) Capital expenditures, net includes purchases of property, plant and equipment, proceeds from property and casualty insurance income, proceeds from land expropriation and proceeds from disposals of long-lived assets. Expand

Hamilton Spectator

3 hours ago

• Hamilton Spectator

Former Liberal cabinet minister John McCallum dead at 75

Colleagues, family and friends are remembering former federal cabinet minister, ambassador to China and economist John McCallum as a dedicated public servant, passionate but pragmatic economic thinker and loving family man with a sharp wit. McCallum died Saturday, his family said in a statement Sunday afternoon. He was 75. No cause of death was announced. 'With heavy hearts, we share the passing of the Honourable John McCallum. He passed away peacefully, surrounded by family,' his family said in a written statement. 'He was deeply committed to public service, and worked throughout his career to make a difference in the lives of others,' his family added. 'To us, John was simply a loving and kind family man with a witty sense of humour. We ask for privacy as we mourn this profound loss.' Ahmed Hussen, the Liberal cabinet minister who succeeded him in the immigration portfolio after Justin Trudeau named McCallum to the Beijing diplomatic post, said McCallum was a 'very classy, super decent guy, kind, warm-hearted and we're going to miss him dearly.' 'He was a bridge builder and that sums it up for me. A rare breed of politician,' Hussen added. Prime Minister Mark Carney called McCallum 'an inspiration, a mentor, and a friend,' in a post on X. 'John served Canada and academia with great distinction, helping us to find solutions to our biggest economic challenges, devoting his invaluable insights to the service of Canada's democracy and diplomacy, and always doing so with good humour and grace,' Carney wrote. Federal foreign affairs minister Anita Anand said she was 'heartbroken' by McCallum's passing. 'From the moment I decided to run for office in 2019, John was by my side — always with a smile, endless enthusiasm, and thoughtful advice,' Anand wrote on X. Former Prime Minister Justin Trudeau, in a post on X, called McCallum a friend, and said he helped guide Canada through some of its most challenging times. 'I will never forget how as a cabinet minister he helped me as a new Prime Minister steer the government through the rapid resettlement of tens of thousands of Syrian refugees,' Trudeau wrote. 'He made it happen despite real challenges in an unpredictable time.' McCallum held a succession of cabinet roles for three Liberal Prime Ministers — Jean Chrétien, Paul Martin and Justin Trudeau, before being named ambassador to China in 2017. McCallum stepped down from the ambassadorial post in 2019 after being asked to resign by Trudeau in the wake of remarks he made suggesting Huawei executive Meng Wanzhou had 'strong arguments' for avoiding extradition to the U.S. Meng's arrest in Canada had been criticized by China as a political favour to the U.S., something which was strenuously denied by Trudeau. Before entering politics, McCallum was the chief economist at RBC. Earlier in his career, he was an economics professor and dean of arts at McGill University. During the course of many TV debates over economics and politics, fellow economist Jim Stanford says McCallum's commitment to intellectual rigour — and helping fellow Canadians — were always in evidence. 'He had a very pragmatic, policy-focused economic perspective. He was interested in using economics to help make people's lives better,' said Stanford, an economist with the Centre for Future Work. 'He and I didn't agree on a lot, but his commitment to Canada, and to helping people, was always clear.' Stanford also noted that McCallum was no slouch as an academic, either, pointing to his 1995 paper in the American Economic Review on Canada-U.S. regional trade patterns. 'It's pretty rare for someone to be able to bridge academia, business and politics. But he managed to do it well,' said Stanford. McCallum is survived by his wife Nancy, their three sons, and six grandchildren. With files from Tonda MacCharles and Elissa Mendes