Ontario-based Algoma Steel Group Inc. will receive $500 million in federal and provincial loan assistance to help deal with the impact of U.S. tariffs.
Ottawa says its $400 million in financial assistance will come from the Large Enterprise Tariff Loan program.
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The Ontario government will also provide $100 million to the Sault Ste. Marie, Ont.-based company.
The federal government says the impact of U.S. tariffs on the steel sector is “profound.”
Ottawa introduced the $10-billion financing program in March to support companies affected by tariffs.
The loans are to help Algoma Steel continue operations, limit disruption to its workforce and move to a business model that isn’t as reliant on the U.S.
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