Mcguinty Government Supporting Innovation At DOFASCO
$6-Million Investment Spurs Leading-Edge Steel Production Process, Promotes Global Competition
The Ontario government is helping Hamilton steelworkers compete globally by investing in new production technology at Dofasco, Premier Dalton McGuinty said today.
"Hamilton steelworkers are among the best in the world and we're proud to partner with them by investing in innovative new technologies," said Premier McGuinty. "Our workers can compete and win against the best in the world and our government is committed to making the most of their hard work and skills to build strong communities."
Today's $6-million investment will help upgrade Dofasco's steel production process by switching to pulverized coal injection (PCI). This will replace oil during blast furnace carbon input and reduce production costs by about $28 million per year.
Today's announcement is part of the Ontario government's Advanced Manufacturing Investment Strategy. To support investments in new technology and innovation, the $500-million strategy provides repayable loans -- interest free for up to five years. To date, it has generated about $670 million in new investment and that will help create or retain about 4,000 jobs over five years.
"Innovations like PCI help Dofasco gain an extra edge in the global marketplace. The Government of Ontario's investment in this upgrade shows its willingness to help Ontario manufacturers compete internationally," said Dofasco Vice President Joan Weppler.
Partnering with Hamilton steelworkers is just one more example of how the McGuinty government is investing in skills and innovation in Hamilton and across Ontario. Other measures include:
- Providing a $150-million loan to Stelco to support the company and its workers during the recent restructuring process
- Investing in one of the steel industry's biggest customers -- Ontario's auto industry. The Ontario Automotive Investment Strategy has leveraged more than $7 billion in new investments and anchored thousands of high-value jobs and
- Building east-west partnerships to help Ontario manufacturers tap into opportunities flowing from Alberta's oil sands, which are expected to generate projects worth more than $100 billion by 2020.
"Our government will keep making the strategic investments in skills and innovation that will keep Ontario on top," said Premier McGuinty. "Together, we can create the jobs -- and keep the jobs -- that will provide our families with a great quality of life and keep Ontario moving forward."