Arcelormittal Canada reinvests millions back into Ontario and Quebec steel plants
The $205 million stems from the Strategic Innovation Fund with $49 million directed towards Acelormittal’s Hamilton plant.
Last week, the Canadian arm of the Luxembourg-based steel manufacturer Arcelormittal, announced that it would be investing a total of $205 million into it’s Quebec and Ontario plants as a result of funding from the Canadian government.
Allocated from the Strategic Innovation Fund, $49 million will be directed towards Arcelormittal’s Hamilton plant, in an effort to “modernize its facilities, which will help enhance the company’s productivity and sustain its competitiveness.” The projects will generate 4,700 jobs in Hamilton and an additional 1,700 in Contrecœur, Quebec.
The news comes in the form of a press conference and press release, with the Minister of Innovation, Science and Economic Development, Navdeep Bains, on hand to speak.
“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. 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.”
The support for the manufacturing industry, steel, in particular, comes in the wake of a recently signed USMCA deal meant to replace NAFTA at the end of the year. Despite the steel tariffs remaining in place for the moment, Canada agreed to a quota on tariff-free auto shipments as a part of USMCA, a move some industry experts see as a potential solution to the tariffs issue.