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Canada government to support Algoma Steel

Steel News - Published on Fri, 11 Jan 2019

Image Source: Toronto Star
The Government of Canada is delivering on its commitment to support our country's dedicated steel and aluminum workers, their families and their communities. Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development, announced an investment of up to CAD 90 million in Algoma Steel Inc, Canada's second largest integrated steel producer.

This investment will create and maintain 3,050 jobs in Sault Ste. Marie, Ontario. Algoma Steel is undertaking $600 million in capital investments over an eight-year period that are vital to the local economy and national steel industry. These investments include projects to adopt new technologies, improve productivity and sustain competitiveness in the global market. Improvements will help Algoma Steel modernize its core production assets, including the steel rolling and steel plate mills, which will position the company to offer a wider range of steel grades and increase production capabilities.

The government's investment in Algoma Steel, a world-class steel producer, is ensuring the company will continue to provide thousands of Canadians with good middle-class jobs and remain an important contributor to our economy and manufacturing supply chains. By leveraging multiple funding programs, our government is strategically deploying resources to support the steel sector.

Based in Sault Ste. Marie, Ontario, Algoma Steel is a fully integrated steel producer that manufactures rolled steel products, including sheet and plate, and has a production capacity of 4 million tons.

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Posted By : Joykumar Irom on Fri, 11 Jan 2019
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