Steel Mills
July 24, 2015
Essar Steel Algoma Investing $240 Million in Innovations
Written by Sandy Williams
Essar Steel Algoma is investing CDN $240 million to modernize and expand its facilities to meet the global demand for advanced grades of steel.
The investment includes $60 million in financial support from the governments of Ontario and Canada. Essar Steel Algoma received a $30 million grant from Ontario’s Ministry of Northern Development and Mines and the Northern Ontario Heritage Fund Corporation and a $30 million interest free loan from Canada’s Advanced Manufacturing fund, repayable in 10 years.
