World-class steel producer in Ontario will get fund $600M
Jan. 10, 2019
Global Korean Post
Navdeep Bains, Minister of Innovation, Science and Economic Development; Minister of Energy, Northern Development and Mines Greg Rickford announced an investment of up to $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.
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.
In 2017, the Canadian steel industry employed more than 23,000 Canadians and contributed $4.2 billion to Canada’s gross domestic product