Canada to invest CAD 20 million in Gerdau Ameristeel

Tuesday, 30 July 2019 21:56:37 (GMT+3)   |   San Diego

Jennifer O'Connell, Canada’s Parliamentary Secretary to the Minister of Finance (Youth Economic Opportunity), on behalf of the Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development, announced a CAD 20 million ($15.2 million) investment in an CAD 81.2 million ($61.7 million) project that will help Gerdau Ameristeel upgrade its facilities in Whitby and Cambridge, Ontario.

The investment will modernize steel production lines, reduce manufacturing costs, reduce the amount of scrap metal going to landfills and improve production capability for billets. The investment will also create 108 jobs and maintain 710 more in Whitby and Cambridge.

According to a Canadian government press release, investments in Canada's steel and aluminum producers—such as EVRAZ, Algoma Steel Inc., ArcelorMittal, Elysis (Alcoa Corporation and Rio Tinto Aluminum joint venture), Alcoa Deschambault Aluminerie (in French), Aluminerie Alouette and Nova Tube Inc.—are “ensuring they continue to provide thousands of Canadians with good middle-class jobs and remain important contributors to our economy and manufacturing supply chains.”

USD = CAD 1.32 (July 30)

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