Ottawa invests $40M in energy industry supplier
- March 6, 2019
The federal Ministry of Innovation, Science and Economic Development is investing $40 million in a supplier of tubular goods to the oil industry.
Evraz North America has embarked on a $112.6 million project to upgrade its facilities in western Canada – the project will create 35 new jobs and maintain some 2100 others in Regina, Saskatchewan, and Red Deer, Alberta.
The investment will help Evraz increase its competitiveness in the oil country tubular goods (OCTG) market while decreasing emissions and the overall carbon footprint of Canadian steel. This will enable Evraz to produce OCTG products that meet Canadian demand, and to make them available at a competitive price to Canadian resource firms that, like Evraz, are facing shortages owing to the cost prohibitive effects of U.S. tariffs.
The federal investment is part of the Strategic Innovation Fund, a program designed to attract and support business investments across all sectors of the economy by encouraging R&D that accelerates innovation, technology transfer and the development of new products, processes and services.
Evraz North America Inc. is the largest steel company in western Canada, making steel plate and coil, small- and large-diameter pipe, and oil and gas well tubing for the energy sector.