Canada invests $100M in SME steel and aluminum manufacturers
March 15, 2019 by Manufacturing AUTOMATION
March 15, 2019 – The federal government has announced $100 million in funding for small- and medium-sized (SME) steel and aluminum manufacturers.
Delivered by regional development agencies (RDAs), the Regional Economic Growth through Innovation (REGI) Steel and Aluminum Initiative will provide Canadian businesses within the steel, aluminum and manufacturing sectors with non-repayable contributions for projects to enhance productivity, increase competitiveness by adopting new innovative technologies and create more highly skilled jobs.
“In the face of unjust and illegal US tariffs hurting businesses and workers on both sides of the border, our government is standing shoulder-to-shoulder with our hard-working steel and aluminum workers and users of their world-class products,” says Navdeep Bains, minister of innovation, science and economic development.
The REGI program builds on the objectives of the government’s ongoing Innovation and Skills Plan by providing regionally tailored, nationally consistent support for business productivity and scale-up and to assist the enhancement of regional technology clusters and innovation ecosystems.
This initiative is expected to support approximately 300 SME users of steel and aluminum.
In 2017, Canada’s steel and aluminum industry employed more than 33,500 Canadians and contributed $8.9 billion to Canada’s gross domestic product.