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.
Get daily National news
Get daily Canada news delivered to your inbox so you'll never miss the day's top stories.
By providing your email address, you have read and agree to Global News' Terms and Conditions and Privacy Policy.
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.”
- Ontario moves to cancel SkyDome Act to free up downtown land. It’s not yet clear why
- Canadian army plans to boost activity at Alberta’s massive CFB Suffield: commander
- Alberta moves to implement interprovincial pact to ease trade rules on consumer goods
- Waiting for Toronto’s cherry blossoms? What to expect as bloom season approaches
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.
Comments
Want to discuss? Please read our Commenting Policy first.