Ontario is providing a loan of C$7 million towards the project, which has a total value of C$80 million. The project will modernize the facility, allowing the company to increase capacity and produce higher-quality steel products. This will increase opportunities for Ivaco to supply industries, including automotive, advanced manufacturing and energy, with more steel. Also, the new technology will make the plant more energy efficient, require fewer raw materials and reduce particulate emissions, resulting in cleaner air.
 
“The investment we’re announcing today will help Ivaco improve its competiveness while increasing environmental protection. Support for manufacturing is part of the Ontario government’s strategy to create jobs and grow the economy for a more prosperous and fair Ontario,” commented Dr. Eric Hoskins, Canada’s minister of economic development, trade and employment.
 
“These important upgrades signal the next performance chapter for our company. Our team looks forward to offering our customers a further expanded line of high-quality products to meet their evolving needs. This is a great opportunity for the community and for this company,” stated Giorgio Piliu, president of Ivaco Rolling Mills.