ArcelorMittal Dofasco to receive $50 million in federal funding
- Robert
- 19 Oct 2018
Hamilton’s ArcelorMittal Dofasco will finally be receiving the funding it deserves.
During a visit to ArcelorMittal Dofasco this morning, Navdeep Bains, minister of Innovation, Science and Economic Development, made the announcement that the federal government has made a commitment of $49.9 million to the steel company to enhance not only its productivity but to maintain its competitiveness.
This nearly $50 million investment falls under the Strategic Innovation Fund.
The federal government-provided funding will help, “accelerate the transfer of technology and the commercialization of innovation products, processes and services and will facilitate the growth of innovative firms”.
According to Bains, this funding will help protect more than 6,400 jobs while the Canadian government works to have U.S. tariffs on Canadian steel and aluminum lifted.
As of right now, Canadian made steel faces a 25% tariff on US sales and aluminum faces tariffs of 10%.
The government funding will contribute to a $205-million, multi-faceted project that will modernize all of ArcelorMittal Dofasco’s facilities. One upgrade will be the installation of fuel rate sensors in the blast furnaces, which will help reduce fuel consumption.
After all aspects of the project are completed, the company expects to cut down on their greenhouse gas emissions by up to 100,000 tonnes per year.
What do you think about this federal funding? Is it time for ArcelorMittal Dofasco to be modernized? Let us know in the comments.
Steel roll image courtesy of Wikipedia
View across the lake image courtesy of Martin Cathrae on Flickr
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