Canadian government invests $40mn, saves over 2,100 steel jobs

This week, the Honourable Ralph Goodale, Minister of Public Safety and Emergency Preparedness, on behalf of the Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development, announced a CAD$40mn investment in a $112.6mn project that will create 35 jobs and maintain more than 2,100 more in Regina, Saskatchewan, and Red Deer, Alberta.

According to a government press release, the investment will help EVRAZ North America Inc, the largest steel company in Western Canada, make a series of upgrades to its facilities across the region, increasing the company’s ability to compete in the oil country tubular goods (OCTG) market while decreasing emissions and the overall carbon footprint of Canadian steel.

Goodale said: "We committed to standing shoulder to shoulder with Canadian steel workers and supporting the innovative, world-class products they produce. We are delivering. Our investment in EVRAZ will help strengthen the competitiveness of Regina's steel plant for years to come, maintain Canada's position in the global market and support middle-class jobs for Canadians."

SEE ALSO: 

• Inca One produces record yield of 2,434 oz of Gold in February

• Barrick launches $18bn bid for Newmont

• First two licensed marijuana retailers open in Vancouver after long road

• Click here to read the March edition of Canada Business Chief 

In 2017, the Canadian steel industry employed more than 23,000 Canadians and contributed $4.2 billion to Canada's gross domestic product.

Bains said in a release that, "Canadian steel producers and workers form the economic backbone of communities across our country. In the face of unfair and unjust U.S. tariffs, our government is keeping its promise to support Canada's steel producers and their thousands of workers. This investment will support 2,100 jobs at EVRAZ and help it upgrade its facilities to become more competitive and expand its market reach."