The Government of Canada said in a press release Friday that it will deliver on its commitment to support Canadian steel producers and workers, announcing a CAD 16 million ($12.2 million) investment in a CAD 36.3 million ($27.6 million) project that will create 88 jobs and maintain 516 more in Sault Ste. Marie, Ontario, and in Calgary, Alberta.
According to a statement from the Honourable Bill Blair, Minister of Border Security and Organized Crime Reduction, on behalf of the Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development, the investment will help Tenaris upgrade its Algoma Tubes seamless mill in Sault Ste. Marie, Ontario, and its Prudential welded mill in Calgary, Alberta, to improve mill performance and product capabilities.
The statement said the upgrades will enable the company to provide Canada's energy sector with more innovative product offerings, including expanded capacity to produce steel grades with a high resistance to corrosion, for drilling and extraction.
"The development of Canada's energy resources requires high-quality OCTG products, and expanding our service offerings is crucial to support the energy industry. The new investment will also strengthen our Rig Direct business model with shorter lead times and increased flexibility, while improving our customer support," said Guillermo Moreno, Tenaris President, Canada, in a statement.
USD = CAD 1.32 (July 29)