Ottawa has announced a $49.9-million investment in Stelco to support a $412-million project that will create 75 jobs and maintain 2,200 more in Ontario.
This investment will enable Stelco to upgrade its facilities in Hamilton and Lake Erie, Ontario, to modernize its steel production lines, improve its ability to supply customers in advanced manufacturing sectors, expand its suite of product and “bring new and innovative products to the North American market.”
“Stelco has a proud history of bringing innovation to market by revolutionizing the steelmaking process and through the products we develop for our customers,” said David Cheney, CEO, Stelco. “Through this partnership with the Government of Canada, we intend to continue that tradition by modernizing our facilities and empowering our 2,300 employees to manufacture the next generation of steel products our customers demand.”
According to the statement, the government’s investments in Canada’s steel and aluminum producers — such as EVRAZ, Algoma Steel Inc., ArcelorMittal, Elysis (Alcoa Corporation and Rio Tinto Aluminum joint venture), Alcoa, Aluminerie Alouette, Nova Tube Inc., Gerdau Ameristeel and Tenaris — are “ensuring they continue to provide thousands of Canadians with good middle-class jobs and remain important contributors to our economy and manufacturing supply chains.”
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