Canada’s steel and aluminum sectors are key contributors to the Canadian economy, providing well-paying jobs and key inputs for major industries.
As part of a heavily integrated North American supply chain, Canadian small- and medium-sized enterprise (SME) manufacturers that are significant users of steel and aluminum play an important role in transforming these inputs into finished or semi-finished products for the manufacturing, defense, aerospace, energy, automotive, and construction industries. However, escalating commodity prices and increasing financial and competitive pressures have significantly impacted SMEs operating within Canadian steel and aluminum supply chains.
In response, on March 11, 2019, the Government of Canada announced the launch of the Regional Economic Growth through Innovation Steel and Aluminum Initiative. This new Initiative will provide $100 million in non-repayable contributions to SMEs within Canadian steel and aluminum supply chains for investments in innovative projects that will enhance productivity and/or competitiveness. More specifically, the Regional Economic Growth through Innovation Steel and Aluminum Initiative will:
Contributions will range from $150,000 to $1 million, to support up to a maximum of 45 percent of eligible project costs.