$6-Million Investment Spurs Leading-Edge Steel Production Process,
Promotes Global Competition
HAMILTON, ON, Aug. 24 /CNW/ - The Ontario government is helping Hamilton
steelworkers compete globally by investing in new production technology at
Dofasco, Premier Dalton McGuinty said today.
"Hamilton steelworkers are among the best in the world and we're proud to
partner with them by investing in innovative new technologies," said Premier
McGuinty. "Our workers can compete and win against the best in the world and
our government is committed to making the most of their hard work and skills
to build strong communities."
Today's $6-million investment will help upgrade Dofasco's steel
production process by switching to pulverized coal injection (PCI). This will
replace oil during blast furnace carbon input and reduce production costs by
about $28 million per year.
Today's announcement is part of the Ontario government's Advanced
Manufacturing Investment Strategy. To support investments in new technology
and innovation, the $500-million strategy provides repayable loans - interest
free for up to five years. To date, it has generated about $670 million in new
investment and that will help create or retain about 4,000 jobs over five
"Innovations like PCI help Dofasco gain an extra edge in the global
marketplace. The Government of Ontario's investment in this upgrade shows its
willingness to help Ontario manufacturers compete internationally," said
Dofasco Vice President Joan Weppler.
Partnering with Hamilton steelworkers is just one more example of how the
McGuinty government is investing in skills and innovation in Hamilton and
across Ontario. Other measures include:
- Providing a $150-million loan to Stelco to support the company and
its workers during the recent restructuring process
- Investing in one of the steel industry's biggest customers -
Ontario's auto industry. The Ontario Automotive Investment Strategy
has leveraged more than $7 billion in new investments and anchored
thousands of high-value jobs and
- Building east-west partnerships to help Ontario manufacturers tap
into opportunities flowing from Alberta's oil sands, which are
expected to generate projects worth more than $100 billion by 2020.
"Our government will keep making the strategic investments in skills and
innovation that will keep Ontario on top," said Premier McGuinty. "Together,
we can create the jobs - and keep the jobs - that will provide our families
with a great quality of life and keep Ontario moving forward."
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For further information:
For further information: Premier's Media Office, (416) 314-8975