Ontario lends steel processing company $7M to modernize
The new technology will make the plant more energy efficient, require less raw materials and reduce particulate emissions
TORONTO—The Ontario provincial government is lending Ivaco Rolling Mills $7 million to modernize its steel billet and hot-rolled wire rod facility in L’Orignal, Ont., about one hour east of Ottawa.
The company plans to increase capacity and produce higher-quality steel products, expanding its opportunities to supply steel to automotive, advanced manufacturing and energy companies.
The new technology will make the plant more energy efficient, require less raw materials and reduce particulate emissions for cleaner air.
“The investment we’re announcing today will help Ivaco improve its competitiveness while increasing environmental protection. Support for manufacturing is part of the Ontario government’s strategy to create jobs and grow the economy for a more prosperous and fair Ontario,” said Eric Hoskins, Minister of Economic Development, Trade and Employment.
Ivaco has 425 employees and has capacity to produce up to 850,000 tons of wire rod and 450,000 tons of steel billet annually.