Ontario Supporting Economic Growth and Creating Jobs in Woodstock
Province Investing in Advanced Manufacturing Sector
Ontario is partnering with Nova Steel Inc. to invest in new equipment and expand its production capabilities, creating 20 new jobs and retaining 47 positions in Woodstock.
Liz Sandals, MPP for Guelph and President of the Treasury Board, made the announcement today on behalf of Jeff Leal, Minister Responsible for Small Business.
Nova Steel Inc. is a leading manufacturer in the North American steel industry. The company makes a variety of steel products such as tubes, pipes and flat roll products. Nova Steel's products are used primarily in the auto industry as well as in sectors such as transportation, construction, agriculture and heavy equipment.
With support from the Southwestern Ontario Development Fund, the company is investing in state-of-the-art equipment and process improvement to access new markets and diversify its product offerings.
Investing in advanced manufacturing is part of our plan to create jobs, grow our economy and help people in their everyday lives.
- Ontario is investing $602,100 from the Southwestern Ontario Development Fund, supporting an additional investment of $5,418,900 from Nova Steel Inc., for a total value of $6,021,000. The project is expected to be completed in December 2020.
- Since 2013, the Southwestern Ontario Development Fund and Eastern Ontario Development Fund have helped to create and retain more than 36,500 jobs and attracted approximately $1.73 billion in investment. The funds cover up to 15 per cent of eligible project costs, with the recipient company funding the remainder from its own resources.
- Ontario is accepting applications for the Southwestern Ontario Development Fund from qualified businesses that are growing and creating jobs. Sectors eligible for the fund include advanced manufacturing, food processing, life sciences, information and communications technology, tourism and cultural industries.
- Ontario’s five-year, $650 million Business Growth Initiative is helping to grow the economy and create jobs by promoting an innovation-based economy, helping small companies scale-up and modernizing regulations for businesses.
- Find out if your business qualifies for the Southwestern Ontario Development Fund
- Southwestern Ontario Development Fund grant recipients
“Today’s announcement is an excellent example of what can be accomplished when industry and government work together, creating good jobs and boosting Ontario’s manufacturing sector. Our partnership with Nova Steel through the Southwestern Ontario Development Fund is helping them invest in new technology and grow their business, a key priority of our government.”
“Ontario is pleased to support ambitious companies like Nova Steel that are contributing to growing the economy. This project will create more good jobs for people in Woodstock and the surrounding region.”
“Here at Nova Steel, we’ve built a highly skilled and dedicated team to become a leader in steel tube manufacturing and the production of tubular parts. We are pleased to partner with the Ontario government as this investment supports the continued growth and continuous improvement initiatives of our company.”