Sault MP Terry Sheehan is crediting the leadership of Prime Minister Mark Carney after today’s announcement of $5.2 billion\u00a0in new federal and provincial\u00a0funding for Canadian steel companies.<\/p>\n
“We are\u00a0at ground zero in this trade war, and today’s announcement\u00a0gives us more ammunition\u00a0to continue to punch back because (U.S. President Donald) Trump set out to destroy the steel industry, including our steel industry, and we’re not going to let him do that,” Sheehan told SooToday.<\/p>\n
The joint steel action fund announced\u00a0by Carney and Ontario Premier Doug Ford will receive $3.55 billion in federal cash and $1.67 billion from the province.<\/p>\n
A news release said the money is intended\u00a0to “diversify production, prepare Canadian steel firms to support emerging and growing Canadian industries such as defence, advanced manufacturing and energy and trade infrastructure, and open up new overseas markets for Canadian steel.”<\/p>\n
Sheehan described Carney as “the right man at the right time to deal with Donald Trump, to deal with this trade war.”<\/p>\n
Today’s federal-provincial steel\u00a0announcement was part of an $8.7-billion economy-building package that also includes:<\/p>\n
\n\tstronger\u00a0protections against foreign steel dumping and\u00a0unfair subsidizing through enhanced enforcement by the Canada Border Services Agency and tighter trade remedy practices and compliance measures
\n\tnew Canada-Ontario Steel Task Force to provide strategic advice on measures to support the steel sector
\n\tleveraging\u00a0the Buy Canadian Policy and Buy Ontario Policy to prioritize Canadian steel in public procurement and strengthen domestic demand
\n\tproviding an additional $2.5 billion over two years in capital projects to enable manufacturers to invest in modern machinery and upgraded production lines to build the connected and electric vehicles of the future
\n\testablishing\u00a0a Canada-Ontario Automotive Task Force to support the industry\u2019s transition and better co-ordinate the implementation of new measures
\n\tadvancing essential road infrastructure to\u00a0support critical mineral development in northern\u00a0Ontario\u2019s Ring of Fire region by the Canadian government matching the provincial government\u2019s initial investment of up to $1 billion over three years
\n\testablishing\u00a0a co-ordinated process for provincial and federal permitting to help streamline approvals and further speed up building
\n\testablishing a working group to support meaningful engagement with First Nations, identifying economic and community development opportunities. The work of this group will also include studying options for conservation and\/or Indigenous protected areas as development in the Ring of Fire region moves forward
<\/p>\n
Algoma Steel was glowing with enthusiasm for the initiatives announced today.<\/p>\n
“This is exactly the kind of decisive, co-ordinated action our industry needs at a time of unprecedented trade pressure,” said Laura Devoni, the steelmaker’s vice-president for human resources and corporate affairs.<\/p>\n
“The measures send a bold signal that Canada recognizes the strategic importance of domestic steelmaking and is committed to protecting the industry, our workers and our long-term competitiveness.<\/p>\n
“Algoma thanks both Prime Minister Carney and Premier Ford for their strong leadership and coming together to stand behind Canadian steel with comprehensive measures including the Joint Steel Action Fund, prioritization of Buy Canada and Buy Ontario procurement policies, strengthened protections against foreign steel dumping and the establishment of a Canada-Ontario Steel Task Force.<\/p>\n
“With our new electric arc furnaces in place, and ambitious diversification plans to expand our product capabilities, Algoma is positioned to play a leading role in Canada\u2019s industrial future.<\/p>\n
“We are ready to supply lower-carbon Canadian steel for the Build Canada agenda, including infrastructure, defence, shipbuilding and other nation-building projects that will strengthen our economy and security for decades to come. Sault Ste. Marie steel will help build Canada strong,” Devoni said.<\/p>\n
Sheehan said today’s announcement will benefit both Algoma Steel and Tenaris.<\/p>\n
“This\u00a0will be for the steel industry in Canada, and places like Algoma Steel and Tenaris\u00a0will be able to access,” he said.<\/p>\n
“I was recently in Calgary meeting with the [Tenaris] executives there. That’s their corporate headquarters \u2014 about further plans to take advantage of Mark Carney’s vision to become an energy superpower.<\/p>\n
“We’re\u00a0working on that as well. So, you know this. This funding would be available for future plans at Tenaris as well,” Sheehan said.<\/p>\n","protected":false},"excerpt":{"rendered":"Sault MP Terry Sheehan is crediting the leadership of Prime Minister Mark Carney after today’s announcement of $5.2…\n","protected":false},"author":2,"featured_media":941682,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[49,48,44,322534],"class_list":["post-941681","post","type-post","status-publish","format-standard","has-post-thumbnail","category-canada","tag-ca","tag-canada","tag-news","tag-terry-sheehantenarisalgoma-steel-group-inc-laura-devoni"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/941681","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/comments?post=941681"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/941681\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media\/941682"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media?parent=941681"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/categories?post=941681"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/tags?post=941681"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}