The government of Canada and the provincial government of Ontario announced a joint plan to invest C$8.7 billion in the steel, automotive, and critical minerals sectors in Ontario to aid these industries affected by US tariffs.
Under the plan, to protect Ontario's steel industry, the collaboration is establishing a Joint Steel Action Fund with a five year funding commitment of C$3.55 billion from the federal government, and C$1.67 billion from Ontario to help support the diversification of production, and prepare Canadian steel firms to support emerging Canadian industries such as defense, advanced manufacturing, and energy and trade infrastructure, and open up new overseas markets for Canadian steel.
To fortify the automotive industry, the government will invest C$2.5 billion over two years in capital projects to enable manufacturers to invest in modern machinery and upgrade production lines to build the electric cars of the future. This funding is comprised of $1.5 billion from the federal government and $1 billion from Ontario.
To build out Ontario's critical mineral supply chains, the federal government will match Ontario's initial investment of up to C$1 billion over three years for road infrastructure to support critical mineral development in Northern Ontario's Ring of Fire region, a large remote mineral deposit area.
Canada's automotive sector supports over 120,000 direct jobs, and its steel industry supports over 23,000 direct jobs and is integral to the 172,000 jobs in fabricated metals.
Prime minister Mark Carney said, “From mine to mill to assembly line, Canada and Ontario are protecting jobs today and making bold investments that will build a stronger, more resilient, more independent Canadian economy for tomorrow.”
.jpg)