Steel Mills
January 10, 2019
Canada Offers Aid to Steel Producers Hit by U.S. Tariffs
Written by Sandy Williams
U.S. tariffs on steel imports from Canada continue to put pressure on Canadian producers while goverment officials seek an ending to the trade measures.
Algoma Steel, which recently emerged from bankruptcy protection, is one of the vulnerable steel producers affected by Section 232. The second largest mill in Canada is expected to receive up to $90 million from the federal government on Thursday. The funding will include a $60 million loan from the Federal Economic Development Agency for Southern Ontario and $30 million from a $250 million Strategic Innovation Fund. The funding will help finance a $300 million capital investment to improve and expand Algoma operations.
