ANNOUNCEMENT 10 Jan 2019
The Canadian federal government and the provincial government of Ontario will provide an array of repayable contributions and a loan to this steelmaker.
NUMBER OF INTERVENTIONS
https://www.canada.ca/en/innovation-science-economic-development/news/2019/01/government-support-ensures-jobs-for-over-3000-steel-workers-in-sault-ste-marie.html and https://www.algoma.com/wp-content/uploads/2019/01/Algoma-Steel-Inc.-Backgrounder-Jan-10-2019.pdf and https://www.cbc.ca/news/politics/algoma-sault-announcement-thursday-1.4971823
On January 10, 2019, Algoma Steel Inc. announced that it had secured support from both the federal government of Canada and the provincial government of Ontario for its Sault Ste. Marie steel sheet and plate facility. Planning an investment of more than Can.$600 million invested over an eight-year period, the Modernization and Expansion Program is aimed to modernize operations, expand capacity, and enhanced the company’s capability to produce advanced grades of steel.
The federal government will provide a Can.$60 million (U.S.$45.5 million) repayable contribution from the Federal Economic Development Agency for Southern Ontario through the Advanced Manufacturing Fund, and another Can.$30 million (U.S.$22.7 million) repayable contribution from the Innovation, Science and Economic Development Canada through the Strategic Investment Fund.
In addition, the Ministry of Energy, Northern Development and Mines of the government of Ontario will provide a Can.$60 million (U.S.$45.5 million) loan.