Canada announces $90 million investment in Algoma Steel

Thursday, 10 January 2019 01:11:43 (GMT+3)   |   San Diego
       

The Government of Canada announced today its commitment to support the country’s steel and aluminum workers. Navdeep Bains, Minister of Innovation, Science and Economic Development, said in a press conference today that the country will invest up to $90 million in Algoma Steel Inc., Canada's second largest integrated steel producer. 

This investment will create and maintain 3,050 jobs in Sault Ste. Marie, Ontario. Algoma Steel is undertaking $600 million in capital investments over an eight-year period. According to Bains, these investments include projects to adopt new technologies, improve productivity and sustain competitiveness in the global market. Improvements will help Algoma Steel modernize its core production assets, including the steel rolling and steel plate mills, which will position the company to offer a wider range of steel grades and increase production capabilities.

Terry Sheehan, Member of Parliament for Sault Ste. Marie, added, “By investing in Algoma Steel, we're ensuring the long-term viability of the Sault's steel operation, thereby supporting thousands of direct and indirect middle-class jobs, as well as the current and future pensioners, that form the backbone of the Sault Ste. Marie and area economy. We're also ensuring that Algoma's world-class steel products continue to make it to market.”


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