(Bloomberg) — Canadian government funding for ArcelorMittal is the first of a series of steps the country will take to support the steel industry amid a tariff fight with the U.S., Canada’s industry minister says.
Navdeep Bains announced on Friday funding of up to C$49.9 million ($38 million), a mix of grants and loans, as part of a C$205 million modernization project at the Hamilton, Ontario plant of the Luxembourg-based steelmaker’s Canadian unit, ArcelorMittal Dofasco.
It’s the first announcement from a C$250 million fund unveiled earlier this year to support steel, aluminum and manufacturing companies affected by the tariff standoff, Bains said, and more are coming. He left the door open to Canada accepting quotas on metal exports, but said U.S. tariffs must be eliminated.
“It’s a priority for us to eliminate the tariffs on aluminum and steel, so we’re very engaged with our American counterparts,” Bains, whose formal title is minister of innovation, science and economic development, said Friday in a phone interview. “Today’s announcement really demonstrates a commitment to the steel industry and steel workers.”