Funding will support about 6,400 steel workers
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Canada’s Ministry of Innovation, Science and Economic Development has unveiled plans to invest millions into the country’s steel industry and support some 6,400 workers.
The ministry said it is looking to pour $49.9m into a modernization project to be undertaken by steel producer ArcelorMittal Canada.
The company, which operates plants in Ontario and Quebec, said it is aiming to upgrade its facilities to boost productivity and competitiveness.
The investment from the Canadian government is expected to support 4,700 middle-class jobs in Hamilton, Ontario and another 1,700 in Contrecœur, Quebec.
“In the face of unfair and unjust tariffs, we committed to standing shoulder to shoulder with our workers and supporting the innovative, world-class products they produce. We are delivering,” said Navdeep Bains, economic development minister.
The enhancement will purportedly help develop high-strength steel to meet the demands in the construction, energy, and automotive industries. The total cost of the project is estimated at $205m.
“Our investment in ArcelorMittal will help strengthen the competitiveness of Canada’s steel industry for years to come, contribute to economic growth, increase the industry’s capacity to innovate, grow value added, support product and market diversification, and create and sustain jobs for Canadians,” Bains said.
Funding is made possible through the Strategic Innovation Fund, which supports business investments across sectors through research and development to “accelerate the transfer of technology and the commercialization of innovative products, processes, and services”, the ministry said.
