Wednesday, March 29, 2023
Green Reporter
  • Home
  • Biodiversity
  • Climate Change
  • Energy
  • Filmmaking
  • Food
  • Investment
  • Management
  • Sustainability
  • Technology
  • Transportation
No Result
View All Result
  • Home
  • Biodiversity
  • Climate Change
  • Energy
  • Filmmaking
  • Food
  • Investment
  • Management
  • Sustainability
  • Technology
  • Transportation
No Result
View All Result
Green Reporter
No Result
View All Result
Home Investment

New investment in Canada’s steel industry to create jobs and build a cleaner future

GrR by GrR
July 5, 2021
in Investment
0
New investment in Canada’s steel industry to create jobs and build a cleaner future
56
SHARES
244
VIEWS
Share on FacebookShare on Twitter


Copyright 2021 PR Newswire. All Rights Reserved
2021-07-05

SAULT STE. MARIE, ON, July 5, 2021 /CNW/ – As we work to finish the fight against COVID-19, the Government of Canada 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.

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

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 is 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 climate goals. This is equivalent to taking more than 900,000 passenger vehicles off the road – almost the number of passenger vehicles in Toronto.

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.

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 Ste. 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.

Quotes
“Investments in clean technology benefit the environment and our economy. Today’s announcement is great news for the people of Sault Ste. Marie. It will help Algoma Steel create good middle class jobs and cut pollution, while positioning Canada 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.”
— The Rt. Hon. Justin Trudeau, Prime Minister of Canada

“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 largest steel producers will play a key part in Canada’s 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 and helping us achieve our ambitious target of net-zero by 2050.”
— The Hon. Francois-Philippe Champagne, Minister of Innovation, Science and Industry

“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.”
— The Hon. Catherine McKenna, Minister of Infrastructure and Communities

“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 Growth Plan in action.”
— Ehren Cory, Chief Executive Officer, Canada Infrastructure Bank

“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. The world can’t get to net-zero without steel. The combination of an Electric-Arc Furnace with Ontario’s low carbon electricity will give our customers and infrastructure investments a green steel advantage. We are most grateful for the Government of Canada’s leadership on this front, and their commitment in support of Algoma Steel’s sustainability transformation.”
— Michael McQuade, Chief Executive Officer, Algoma Steel Inc.

Quick Facts

  • Headquartered in Sault Ste. Marie, Ontario, Algoma Steel Inc. employs approximately 2,600 Canadians and is Canada’s only fully integrated producer of steel plates, making it a leader in the production of hot- and cold-rolled steel sheet, strip, and plate.
  • As part of this investment of up to $420 million, Algoma Steel will receive up to $200 million from the Strategic Innovation Fund’s Net Zero Accelerator initiative and $220 million from the Canada Infrastructure Bank. The total cost of Algoma’s project is $703 million.
  • The Canada Infrastructure Bank (CIB) is investing $35 billion, and partnering with private and institutional investors as well as other levels of government and Indigenous communities, to support new revenue-generating infrastructure projects, support economic growth, and take action on climate change. Today’s announcement is part of the CIB’s goal to attract private and institutional capital into green infrastructure and reduce GHG emissions through retrofits, as announced in its $10B Growth Plan last year.
  • All CIB investments are subject to due diligence and final approval by its Board of Directors.
  • The Government of Canada launched the Net Zero Accelerator in December 2020, as part of its strengthened climate plan, A Healthy Environment and a Healthy Economy. Through this initiative and with additional funding announced in Budget 2021, the government is investing $8 billion over seven years to accelerate decarbonization projects with large GHG emitters, the transition to clean technologies, and Canada’s industrial transformation across all sectors.
  • In November 2020, the government introduced Bill C-12, the Canadian Net-Zero Emissions Accountability Act, to establish a legally binding process to achieve net-zero emissions by 2050, set rolling five-year emissions-reduction targets, and require plans to reach each target and report on progress. The legislation received Royal Assent in June 2021.
  • The steel industry currently accounts for 7 per cent of global GHG emissions from the energy industries – equal to global aviation, shipping, and chemicals emissions combined.
  • In 2019, the Canadian steel industry employed over 25,000 workers and contributed $3.8 billion to Canada’s gross domestic product.

Associated Links

This document is also available at https://pm.gc.ca

SOURCE Prime Minister’s Office



Source link

Previous Post

Time to fix Canada's broken freshwater management regime – The Hill Times

Next Post

25% Global Harvests At Risk From Climate Change Within Decades, Scientists Warn

GrR

GrR

Green Reporter is a global source for news of sustainability, green industry, green technology, clear energy, sustainable food production, and green investments. Our aim is to deliver the best news and information to you.

Next Post
25% Global Harvests At Risk From Climate Change Within Decades, Scientists Warn

25% Global Harvests At Risk From Climate Change Within Decades, Scientists Warn

  • Trending
  • Comments
  • Latest
Climate change in our backyard: Manitoba begins to grapple with the consequences – Winnipeg

Climate change in our backyard: Manitoba begins to grapple with the consequences – Winnipeg

August 10, 2021
Repsol starts marketing debut sustainability-linked bond sale

Repsol starts marketing debut sustainability-linked bond sale

June 29, 2021
Sustainability Ambitions Soaring at KCI

Sustainability Ambitions Soaring at KCI

December 6, 2021
Chris Pratt explains where the White Spikes originated

Chris Pratt explains where the White Spikes originated

July 3, 2021
Stop burning our rights! What governments and corporations must do to protect humanity from the climate crisis – World

Stop burning our rights! What governments and corporations must do to protect humanity from the climate crisis – World

Biden said to mull dropping corporate tax hike to fund jobs plan

Biden said to mull dropping corporate tax hike to fund jobs plan

Global investors pressure Asian utilities to cut emissions

Global investors pressure Asian utilities to cut emissions

Global inequity could derail path to net zero

Global inequity could derail path to net zero

What’s With A24’s Religious Obsession?

What’s With A24’s Religious Obsession?

August 12, 2022
Governor Hochul Announces Completion of $16 Million Affordable Housing Development in Monroe County

Governor Hochul Announces Completion of $16 Million Affordable Housing Development in Monroe County

August 12, 2022
EU ban on Russian coal enters into force

EU ban on Russian coal enters into force

August 12, 2022
Immune system insights and Thai climate calculator: News from the College | Imperial News

Immune system insights and Thai climate calculator: News from the College | Imperial News

August 12, 2022

Recent News

What’s With A24’s Religious Obsession?

What’s With A24’s Religious Obsession?

August 12, 2022
Governor Hochul Announces Completion of $16 Million Affordable Housing Development in Monroe County

Governor Hochul Announces Completion of $16 Million Affordable Housing Development in Monroe County

August 12, 2022
EU ban on Russian coal enters into force

EU ban on Russian coal enters into force

August 12, 2022
Immune system insights and Thai climate calculator: News from the College | Imperial News

Immune system insights and Thai climate calculator: News from the College | Imperial News

August 12, 2022

Recent News

What’s With A24’s Religious Obsession?

What’s With A24’s Religious Obsession?

August 12, 2022
Governor Hochul Announces Completion of $16 Million Affordable Housing Development in Monroe County

Governor Hochul Announces Completion of $16 Million Affordable Housing Development in Monroe County

August 12, 2022
EU ban on Russian coal enters into force

EU ban on Russian coal enters into force

August 12, 2022

Browse by Category

  • Biodiversity
  • Climate Change
  • Energy
  • Filmmaking
  • Food
  • Investment
  • Management
  • Sustainability
  • Technology
  • Transportation

Follow Us

  • Privacy & Policy
  • About Us
  • Contact Us
  • Advertise

© 2021 Copyright Green Reporter

No Result
View All Result
  • Home
  • Biodiversity
  • Climate Change
  • Energy
  • Filmmaking
  • Food
  • Investment
  • Management
  • Sustainability
  • Technology
  • Transportation

© 2021 Copyright Green Reporter