HAMILTON – The federal authorities says it’s investing $400 million in a Hamilton-based metal producer to assist it undertake low-carbon know-how.
The Ministry of Innovation, Science and Financial Improvement says the funding will assist ArcelorMittal Dofasco’s $1.7 billion challenge to section out coal-fired steelmaking at it’s amenities.
The federal government says the corporate is the nation’s largest producer of flat-rolled metal and the biggest private-sector employer in Hamilton.
It stated the challenge would scale back greenhouse fuel emissions by as much as 3 million tons per yr by 2030.
The announcement comes after Algoma Metal — a Sault Ste. Marie, Ont., based mostly metal producer — obtained $420 million from the federal authorities earlier this month to transition their steelmaking course of to utilizing electrical furnaces.
The federal government says the mixed influence on greenhouse fuel emissions can be equal to taking 1.8 million automobiles off the street.
“Our authorities has been steadfast in defending and championing our steelworkers,” stated Deputy Prime Minister and Minister of Finance Chrystia Freeland in an announcement.
“At this time’s announcement… is about investing within the low-carbon transformation of Canadian business, taking severe motion within the world battle in opposition to local weather change and supporting good middle-class jobs in Hamilton. We’ll proceed to be there to assist development and a powerful financial future for our steelworkers and all of the folks of Hamilton.”
Canada’s minister of labour, Filomena Tassi, stated the brand new challenge can even create 2,500 new jobs and assist up-skilling alternatives for current staff.
The federal government says the Algoma Metal and ArcelorMittal Dofasco initiatives will cut back nationwide Canadian greenhouse fuel emissions by one per cent.
This report by The Canadian Press was first revealed July 30, 2021.