Ottawa pledges $49.9 million for ArcelorMittal, nation’s steelworkers
October 19, 2018
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Ottawa today announced a commitment of up to $49.9 million to ArcelorMittal Canada Inc., to support up to 4,700 good middle-class jobs in Hamilton, Ont., and 1,700 more in Contrecœur, Que.
“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,” said Navdeep Bains, Minister of Innovation, Science and Economic Development. “We are delivering. 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.”
ArcelorMittal is currently undertaking a $205-million project to modernize its facilities.
Improvements will help ArcelorMittal increase the efficiency and sustainability of its operations and enhance its ability to develop advanced high-strength steels to meet Canada’s demand in the energy, automotive and construction industries. The company will also reduce its fuel consumption and lower its greenhouse gas emissions by up to 100,000 tonnes per year.
This investment is being made through the Strategic Innovation Fund, a program designed to attract and support high-quality business investments across all sectors of the economy by encouraging R&D that will accelerate the transfer of technology and the commercialization of innovative products, processes and services and will facilitate the growth of innovative firms.