Maritime Steel and Foundries denied $1.1 million loan

According to local media reports on Thursday, New Glasgow, Canada-based steel castings company Maritime Steel and Foundries, Ltd. has been denied a $1.1 million loan from the government of Nova Scotia, Canada. Foundry owner, Abbas Jafarnia, requested the loan to help get the New Glasgow facility fully operational--his biggest argument was that the fully operational foundry would create 100 new jobs for the area. Although the proposal provided a bright future, the government deemed the loan too risky of an investment with taxpayer money.