As we work to finish the fight against COVID-19, the Government of Canada is taking action to ensure that Canadian companies have the tools and resources they need to build strong communities and a cleaner future for Canadians. By investing in clean technology, we will create good middle class jobs, strengthen our economy, cut pollution, and build back better for all Canadians.
The Prime Minister, Justin Trudeau, today announced that Algoma Steel Inc. will receive up to $420 million to retrofit their operations and phase out coal-fired steelmaking processes at their facility in Sault Ste. Marie, Ontario.
This funding will enable the company to purchase state-of-the-art equipment to support its transition to Electric-Arc Furnace production. This electricity-based process is expected to cut greenhouse gas (GHG) emissions by more than 3 million metric tonnes per year by 2030, making a meaningful contribution to achieving Canada’s climate goals. This is equivalent to taking more than 900,000 passenger vehicles off the road – almost the number of passenger vehicles in Toronto.
The investment will create 500 well-paying jobs, through the project’s construction phase and subcontracting, and will create over 600 new co-op placements for students. Additionally, 75 employees at Algoma will be trained for high-skilled jobs in the science, technology, engineering, and mathematics (STEM) fields.
Our country’s steel producers provide thousands of good middle class jobs to Canadians, and we need to ensure they remain a vital part of our economy as we transition to a cleaner future. Like Canadians across the country, the people of Sault Ste. Marie have shown incredible strength and resilience since the beginning of the pandemic, and today’s announcement will help support a strong economic recovery for their community. The government will continue to support innovative projects that help us tackle climate change, achieve our environmental goals, and create new opportunities for workers and businesses alike.
“Investments in clean technology benefit the environment and our economy. Today’s announcement is great news for the people of Sault Ste. Marie. It will help Algoma Steel create good middle class jobs and cut pollution, while positioning Canada as a leader in cleaner and greener steelmaking. The government will continue to support Canadian businesses and workers as we accelerate our transition to a clean-growth economy that leaves no one behind,” says the Hon. Justin Trudeau, Prime Minister of Canada.