The Ontario government is collaborating with the federal government to invest in a steel company amidst changing market conditions.
Algoma Steel Inc., based in Sault Ste. Marie, Ontario, will receive $500 million in funding to help combat tariffs affecting the province’s steel sector.
A loan of $100 million will come from Ontario, and a loan of $400 million federally, to give the company flexibility in its production.
“Working in partnership with the federal government, Ontario is doing its part to protect workers and communities that are being targeted by U.S. tariffs,” said Peter Bethlenfalvy, Minister of Finance.
(Credit: Northern Ontario Business)
“Moving forward, our government will continue making every effort to use Ontario steel wherever possible, including in our more than $200 billion infrastructure plan, so that we can create new opportunities for Ontario steelworkers that will keep them on the job for years to come.”
This funding may give chances to operate on a heavier local basis and not rely on American dependent markets.
“The Ontario government is supporting industry and protecting Northern Ontario,” said George Pirie, Minister of Northern Economic Development and Growth.
“Algoma Steel plays a key role in the North’s economy and the manufacturing sector in Ontario. We are supporting Algoma Steel in the face of U.S. tariffs and changes in the global market so the company can continue to drive growth and economic opportunity in the North.”
Algoma Steel Inc. serves as Canada’s only independent and publicly traded steel maker.
