Canadian minister of public safety Ralph Goodale announced today that the Canadian government plans to give local steelmaker Evraz $40 million through the Strategic Innovation Fund.
In an event at the Evraz facility in Regina, Goodale said the government is continuing its "relentless" efforts to remove the US’ Section 232 tariffs on Canadian steel and aluminum products, adding that the removal has become a top priority for Prime Minister Justin Trudeau and minister of foreign affairs Chrystia Freeland.
Goodale said the funding announcement shows Evraz and its employees that Canada, "has your back."
Conrad Winkler, the president and CEO of Evraz, said there has been over $200 million invested into Regina's facility since 2015 and that more is coming in the future. The company reportedly plans to invest more than $112 million over three years to expand production capabilities in Regina and at the company’s Red Deer, Alberta mill.
"I'm confident these investments will allow Evraz North America to maintain and grow our position as an industry leading supplier to our valued customers," Winkler said in a statement.
Winkler noted that Evraz has several facilities in the United States and because of the tariffs, the steel heading back to Canada was either reduced or cut off, which has had a significant impact on Evraz's business. Through 2018, the company reportedly completed a number of large projects in the US.
"The impact in 2019 should be considerably less," Winkler said. "That's why the approval of Trans-Mountain, Coastal Gas Link, Enbridge Line 3 are so critical to our operations here in Canada."