Canada's finance minister joins tea party, talks about Essar Algoma (5 photos)

There's no request for assistance for Essar Steel Algoma currently under consideration by the federal government, Morneau said, sporting dangerously new shoes and addressing a rapt audience of the Sault's brightest journalists and even brighter preschoolers.

"Our goal is to ensure that the economy is successful," Morneau said. "At this stage I don't have any comment on any specific proposal as I haven't seen one."

Should a prudently managed federal government be expected to bail out cyclical industries like steel?

"I don't have any overarching theme that says that we should do any certain thing absent the specific situation. But broadly, it's about making sure that our economy is healthy, which is really about thinking about how we can improve the lives of Canadians, improve the opportunities for the next generation of Canadians to have the kinds of jobs that will allow them to be successful and raise their families."

Would the federal government be willing to turn the $30 million loan it extended to Essar Steel Algoma one year ago into a grant?

"With respect to any specific initiative, there's no request like that on the table. We recognize that it's important to consider our industries and make sure that we're creating the conditions for success."

"Thinking about how we trade is an important issue. We also are working with our partners around the world, and in the case of my recent meetings in China with the G-20 countries, to ensure that industries work well around the world. We look at countries that are creating excess capacity in industries and we're trying to work to make sure that doesn't result in unfair trading for companies here in Canada."

Our goal is to create a healthy economy where industry, where organizations can thrive by providing goods and services to Canadians and exporting abroad. That's the frame of reference that we take."