ANNOUNCED AS TEMPORARYNo
Bryan Hayes, Member of Parliament for Sault Ste. Marie, Ontario announced on July 24, 2015 that FedDev Ontario will provide a repayable contribution of up to $30 million to Essar Steel Algoma through the Advanced Manufacturing Fund. He said that the contribution will help the company "to produce a wider range of steel grades, increase steel quality, and increase production levels to meet Canadian demand, which is now largely dependent on imports." He also noted that, "The upgrades will enable the company to produce advanced grades of heat-treated steel plate, which without this project, would not be produced in Canada."
The GTA includes state guarantees and other financial incentives that are likely to affect the restructuring and performance of firms facing international competition, whether from imports, in export markets, and from foreign subsidiaries.
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