The federal government has announced an investment of more than $4.9 million to help ten BC steel and aluminum companies diversify products, improve productivity and reduce costs.
The funding is being supplied by Western Economic Diversification Canada under the Regional Economic Growth through Innovation (REGI) Steel and Aluminum Initiative, which was set up in March 2019. Delivered by Canada’s regional development agencies, the REGI funding provides targeted support to Canadian small and midsized 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.
Ottawa says the funding also contribute to creating around 97 jobs.
In 2018, Canada’s steel and aluminum industry employed more than 33,500 and contributed $8.9 billion to Canada’s GDP.
Photo: Unifab Industries Ltd.