Canada’s Minister of Innovation, Science and Economic Development announced today a commitment of up to $49.9 million to ArcelorMittal Canada Inc., which operates steel mills in Ontario and Quebec.
This investment will support up to 4,700 middle-class jobs in Hamilton, Ontario, and 1,700 more in Contrecœur, Quebec. ArcelorMittal is undertaking a C$205 million project to modernize its facilities, which will help enhance the company's productivity and sustain its competitiveness.
In a press release, the Canadian government said 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.
“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 the Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development. “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.”