In an announcement Wednesday, ArcelorMittal Mining Canada, the steelmaker’s iron ore mining unit in Canada, said the four-year commitment comes as global demand for high-grade raw materials is on the rise. And that, ArcelorMittal said, is incentivizing the mining industry to minimize waste, improve industry energy efficiency and increase overall value of products. 

"We operate the largest surface mine in Canada and hold the position of Canada's leading supplier of iron ore products for the global steel market. We strongly believe that investing in Canadian R&D will reinforce the leading position of Canada in the world mining industry," said Pierre Lapointe, president and chief executive officer, ArcelorMittal Mining Canada. 

“(This investment) is further proof that we are committed to the sustainable management of the environment and of finite resources in our country and around the world, and demonstrates our continued stewardship of driving sustainable development of the mining industry," he said.