Carney says Canada’s approach to the US auto trade must change
The steel industry supports over 23,000 direct jobs and is integral to 172,000 jobs in fabricated metals.
A new Joint Steel Action Fund carries five-year commitments of $3.55bn from Ottawa and $1.67bn from Ontario, intended to diversify production, prepare Canadian steel firms to supply defence, advanced manufacturing, energy and trade infrastructure, and open overseas markets.
CBC News described it as a $5bn fund.
Ontario’s auto industry receives $2.5bn over two years for capital projects, split $1.5bn federal and $1bn provincial.
Ottawa is matching Ontario’s commitment of up to $1bn over three years for road infrastructure into the Ring of Fire region in Northern Ontario, where Carney said opening a mine has historically taken over 15 years, CBC News reported.
