In an announcement Wednesday, Canadian ministers said the investment is meant to help improve the steelmaker’s competitiveness in the oil country tubular goods (OCTG) market, enabling production of value-added OCTG products, and will help lower its carbon emissions. 

The funding is one piece of a broader CA$112.6 million investment EVRAZ is making in its assets. Canadian media reported that investments include new electrical equipment associated with an electric arc furnace and upgrades to a reheat furnace.

"We committed to standing shoulder to shoulder with Canadian steel workers and supporting the innovative, world-class products they produce. We are delivering. Our investment in EVRAZ will help strengthen the competitiveness of Regina's steel plant for years to come, maintain Canada's position in the global market and support middle-class jobs for Canadians," said Public Safety and Emergency Preparedness Minister Ralph Goodale.