HAMILTON – ArcelorMittal Canada Inc. is being given up to $49.9 million from a federal fund to help large steel and aluminum producers deal with the impact of U.S. tariffs.
Economic Development Minister Navdeep Bains announced the financial support in Hamilton, Ont.
It’s part of the $250-million strategic innovation fund that has received more than $1 billion of submissions that aim to improve cost and environmental efficiency of production.
The steelmaker is spending $205 million to modernize its facilities by enhancing its ability to develop advanced high-strength steels to meet Canada’s demand in the energy, automotive and construction industries, as well as cut its fuel consumption and lower its greenhouse gas emissions.
Bains says the investment will support up to 4,700 jobs in Hamilton and 1,700 in Contrecoeur, Que.,
The federal government responded to U.S. tariffs on steel and aluminum by imposing $16.6 billion in counter tariffs in July as well as a $2 billion financial aid package for affected industries.
Canada’s steel industry employed more than 23,000 people and contributed $4.2 billion to the country’s gross domestic product last year.News from © Canadian Press Enterprises Inc. 2016