Canadian steelmaker Ivaco Rolling Mills announced Monday that it will receive a $7 million loan from the Ontario provincial government to modernize its steel billet and hot-rolled wire rod facility in L’Orignal, Ontario.
Plans for the loan include increasing capacity, producing higher-quality products, and expanding opportunities in the automotive, advanced manufacturing, and energy sectors. Additionally, the company plans to invest in new technology that will make the facility more energy efficient by requiring less raw materials and reducing emissions.
Currently, Ivaco has the capacity to produce 850,000 tons of wire rod and 450,000 tons of billet annually.
“The investment we’re announcing today will help Ivaco improve its competitiveness while increasing environmental protection. Support for manufacturing is part of the Ontario government’s strategy to create jobs and grow the economy for a more prosperous and fair Ontario,” said Eric Hoskins, Minister of Economic Development, Trade and Employment.
