Successful Business Executive
Mulroney took the job of Executive Vice President of the Iron Ore Company of Canada, a joint subsidiary of three major U.S. steel corporations. Mulroney earned a lucrative salary, well into the six-figure range. In 1977, he was appointed company President. He instituted improved labour relations, drawing upon his labour law experience, and, with commodity prices on the rise, company profits soared during the next several years. Mulroney in 1983 successfully negotiated the closing of the Schefferville mine, winning a generous settlement for the affected workers. Under his leadership, the company was sold off to foreign interests. In the wake of his loss in the 1976 leadership race, Mulroney battled alcohol abuse and depression for several years; he credits his loyal wife Mila with helping him recover from that dark period. In 1979, he completely quit drinking. During his IOC term, he made liberal use of the company's executive jet, frequently flying business associates and friends on fishing trips. Mulroney also maintained and expanded his extensive political networking among business leaders and conservatives across the country. As his business reputation grew, he was invited onto several corporate boards. He turned down an offer to run in a Quebec by-election as a federal Liberal.
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