Government of Canada supports British Columbia’s steel and aluminum sector
News release
Federal investment helps ten BC steel and aluminum companies diversify their products, improve productivity, and reduce costs
September 6, 2019 – Vancouver, British Columbia – Western Economic Diversification Canada
Canada’s steel and aluminum sectors are key contributors to the Canadian economy, creating well-paying jobs and providing key inputs for major industries.
Today, the Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development and Minister responsible for Western Economic Diversification Canada, announced over $4.9 million in funding for 10 companies across British Columbia.
The funding is being provided under the Regional Economic Growth through Innovation (REGI) Steel and Aluminum Initiative, announced in March 2019. Delivered by Canada’s regional development agencies, the funding provides targeted support to Canadian small and medium-sized businesses in the steel, aluminum, and manufacturing sectors through non-repayable contributions for projects to enhance productivity, increase competitiveness by adopting new innovative technologies, and create more highly skilled jobs.
With this funding, these companies will design new products, open new facilities, and install advanced manufacturing equipment, thereby creating approximately 97 jobs in local economies.
Canada’s steel and aluminum sector is an important contributor to our economy and to our manufacturing supply chains, providing thousands of Canadians with good, middle-class jobs. This funding initiative provides small and medium-sized businesses with consistent support across all regions of Canada, while tailoring support to meet regional needs.
Quotes
“Our government is supporting Canada’s hard-working steel and aluminum workers and companies from coast to coast to coast. Our investments in support of small- and medium-sized producers and users of steel and aluminum will help these businesses innovate to drive productivity, scale up, and expand into new markets, which will help create good, middle-class jobs.”
- The Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development and Minister responsible for Western Economic Diversification Canada
“The small and medium-sized businesses in our steel and aluminum industries are important contributors to the economic vitality of communities across the country. By investing in their success, we are investing in the success of all Canadians.”
- The Honourable Mary Ng, Minister of Small Business and Export Promotion
Quick facts
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Regional development agencies are one of Canada’s four flagship platforms supporting innovation, along with the Industrial Research Assistance Program, the Strategic Innovation Fund and the Canadian Trade Commissioner Service.
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The Regional Economic Growth through Innovation program builds on the objectives of the Innovation and Skills Plan by providing regionally tailored, nationally consistent support for business productivity and scale-up, and by helping enhance regional technology clusters and innovation ecosystems.
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In 2018, Canada’s steel and aluminum industry employed more than 33,500 Canadians and contributed $8.9 billion to Canada’s gross domestic product.
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Contacts
Ben Letts
Communications Advisor
Western Economic Diversification Canada
604-379-9626
ben.letts@canada.ca
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