
Government of Canada has announced fund for 10 Alberta steel and aluminium companies in order to diversify their products, improve productivity, and reduce costs. Canada's steel and aluminium sectors are key contributors to the Canadian economy by virtue of the jobs they create and the revenue brought.
Navdeep Bains, Minister of Innovation, Science and Economic Development and Minister announced $5,701,738 in funding for 10 companies in Edmonton, Calgary, Lethbridge, and Nisku. The support is provided under the Regional Economic Growth through Innovation (REGI) Steel and Aluminum Initiative, announced in March 2019.
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"Our government is supporting Canada's hard-working steel and aluminium workers and companies from coast to coast to coast. Our investments in support of small- and medium-sized producers and users of steel and aluminium will help these businesses innovate to drive productivity, scale up, and expand into new markets, which will help create good middle-class jobs, " said Minister Navdeep Bains.
The financial support is provided to the small and medium-sized steel, aluminium businesses in Canada and manufacturing sectors through non-repayable contributions.
The mentioned companies can design new products, open new facilities, and install advanced manufacturing equipment by using this fund. These improvements are likely to create 150 well-paying, middle-class jobs.
"The small and medium-sized businesses in our steel and aluminium industries are important contributors to the economic vitality of communities across the country. By investing in their success, we are investing in the success of all Canadians," said Mary Ng, Minister of Small Business and Export Promotion.
This support initiative offers consistent support to the small and medium-sized businesses across all regions of Canada, while extending support to meet regional needs.
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