HAMILTON — ArcelorMittal Canada Inc. is being given up to $49.9 million from a federal fund to help large steel and aluminum producers deal with the impact of U.S. tariffs. Economic Development Minister Navdeep Bains announced the financial support in Hamilton, Ont. It’s part of the $250-million strategic innovation fund that has received more than $1 billion of submissions that aim to improve cost and environmental efficiency of production. The steelmaker is spending $205 million to modernize its facilities by enhancing its ability to develop advanced high-strength steels to meet Canada’s demand in the energy, automotive and construction industries, as well as cut its fuel consumption and lower its greenhouse gas emissions. Canada’s steel industry employed more than 23,000 people and contributed $4.2 billion to the country’s gross domestic product last year.

Source: National Post October 19, 2018 18:00 UTC