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Canada pledges C$100M in funding to support steel, aluminum companies

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Canada pledges C$100M in funding to support steel, aluminum companies

Canada unveiled C$100 million in funding for small and medium-sized steel and aluminum manufacturers as the federal government looks to support local producers in the wake of U.S. tariffs, CBC News reported March 11.

U.S. President Donald Trump imposed tariffs of 25% on global steel imports and 10% on aluminum in March 2018, citing national security concerns. Canada, along with Mexico and the EU, received temporary exemptions, but these were later lifted.

"In the face of unjust and illegal U.S. tariffs hurting businesses and workers on both sides of the border, our government is standing shoulder to shoulder with our hard-working steel and aluminum workers and the users of their world-class products," said Navdeep Bains, Canada's minister of innovation, science and economic development.

The initiative will provide nonrepayable contributions for investments to improve productivity and/or competitiveness. Specific contributions will come in at between C$150,000 and C$1 million to support up to 45% of eligible project costs.

In July 2018, Canada imposed C$16.6 billion of tariffs in response to U.S. tariffs on steel and aluminum and announced a C$2 billion financial aid package to help affected industries cope with the duties.