{"id":45866,"date":"2021-07-06T08:00:40","date_gmt":"2021-07-06T12:00:40","guid":{"rendered":"https:\/\/wawa-news.com\/?p=45866"},"modified":"2021-07-06T08:02:24","modified_gmt":"2021-07-06T12:02:24","slug":"new-investment-in-algoma-steel-to-create-jobs-and-build-a-cleaner-future","status":"publish","type":"post","link":"https:\/\/wawa-news.com\/index.php\/2021\/07\/06\/new-investment-in-algoma-steel-to-create-jobs-and-build-a-cleaner-future\/","title":{"rendered":"New investment in Algoma Steel to create jobs and build a cleaner future"},"content":{"rendered":"

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As we work to finish the fight against COVID-19, the Government of Canada<\/span> is taking action to ensure that Canadian companies have the tools and resources they need to build strong communities and a cleaner future for Canadians. By investing in clean technology, we will create good middle class jobs, strengthen our economy, cut pollution, and build back better for all Canadians.<\/p>\n

The Prime Minister, Justin Trudeau<\/span>, today announced that Algoma Steel Inc. will receive up to $420\u00a0million to retrofit their operations and phase out coal-fired steelmaking processes at their facility in Sault Ste. Marie, Ontario<\/span>.<\/p>\n

This funding will enable the company to purchase state-of-the-art equipment to support its transition to Electric-Arc Furnace production. This electricity-based process\u00a0is expected to cut greenhouse gas (GHG) emissions by more than 3 million metric tonnes per year by 2030, making a meaningful contribution to achieving Canada’s<\/span> climate goals. This is equivalent to taking more than 900,000 passenger vehicles off the road \u2013 almost the number of passenger vehicles in Toronto<\/span>.<\/p>\n

The investment will create 500 well-paying jobs, through the project’s construction phase and subcontracting, and will create over 600 new co-op placements for students. Additionally, 75 employees at Algoma will be trained for high-skilled jobs in the science, technology, engineering, and mathematics (STEM) fields.<\/p>\n

Our country’s steel producers provide thousands of good middle class jobs to Canadians, and we need to ensure they remain a vital part of our economy as we transition to a cleaner future. Like Canadians across the country, the people of Sault\u00a0Ste. Marie have shown incredible strength and resilience since the beginning of the pandemic, and today’s announcement will help support a strong economic recovery for their community. The government will continue to support innovative projects that help us tackle climate change, achieve our environmental goals, and create new opportunities for workers and businesses alike.<\/p>\n


<\/b>“Investments in clean technology benefit the environment and our economy. Today’s announcement is great news for the people of Sault Ste. Marie<\/span>. It will help Algoma Steel create good middle class jobs and cut pollution, while positioning Canada<\/span> as a leader in cleaner and greener steelmaking. The government will continue to support Canadian businesses and workers as we accelerate our transition to a clean-growth economy that leaves no one behind.”
\u2014 <\/i>The Rt. Hon. Justin Trudeau<\/span>, Prime Minister of Canada<\/span><\/p>\n

“We are proud to support companies like Algoma Steel Inc. that are seizing the opportunities to lead in the low carbon economy. Today’s investment will ensure that one of Canada’s<\/span> largest steel producers will play a key part in Canada’s<\/span> economic recovery and make significant progress towards our climate targets. Our focus on a green recovery means creating good jobs in communities like Sault Ste. Marie<\/span> and helping us achieve our ambitious target of net-zero by 2050.”
\u2014 The Hon. Francois-Philippe Champagne<\/span>, Minister of Innovation, Science and Industry<\/p>\n

“We need to make sure we have the cleanest manufacturing in the world. The Canada Infrastructure Bank’s support to help Algoma Steel decarbonize steelmaking is good for Canadian jobs and the economy and critical to tackling climate change.”
\u2014 The Hon. Catherine McKenna<\/span>, Minister of Infrastructure and Communities<\/p>\n

“This project, when fully executed, will significantly reduce greenhouse gases, strengthen the competitiveness of the Canadian steel industry, and solidify local economic growth potential. This retrofit of industrial infrastructure is an example of the Canada Infrastructure Bank’s $10B<\/span> Growth Plan in action.”
\u2014 Ehren Cory<\/span>, Chief Executive Officer, Canada Infrastructure Bank<\/p>\n

“The 70 per cent carbon reduction resulting from Algoma’s proposed transformation to Electric-Arc Furnace technology represents one of the lowest cost-per-tonne opportunities to achieve large-scale sustainable GHG reductions in Canada<\/span>. The world can’t get to net-zero without steel. The combination of an Electric-Arc Furnace with Ontario’s<\/span> low carbon electricity will give our customers and infrastructure investments a green steel advantage. We are most grateful for the Government of Canada’s<\/span> leadership on this front, and their commitment in support of Algoma Steel’s sustainability transformation.”
\u2014 Michael McQuade<\/span>, Chief Executive Officer, Algoma Steel Inc.<\/p>\n

Quick Facts<\/b><\/p>\n