Republication or distribution of this content is Copyright owned or licensed by Toronto Star Newspapers Limited. See list of announced projects. This copy is for your personal non-commercial use only. It's hard not to be excited," he said. }); By entering your e-mail you consent to receiving commercial electronic messages from The Logic Inc. containing news, updates, offers or promotions about The Logic Inc.’s products and services. Cheney said Wednesday he expects the plant to start in the final quarter of 2021 with cost savings expected immediately. Ryder said he expects the third quarter will be better, with more regularity in the market. It's 21st century steelmaking and it's innovative.". An improvement over a loss of $11-million during the same period last year. U.S. election: Trump says Biden should demand ‘all legal votes’ be counted, US election: Pennsylvania remains key focus in victory for either candidate, Ontario government pitches 2021 as ‘year of the Ontario staycation’, Minister of Veteran Affairs condemns Whole Foods’ ban on poppies, Stelco, pensioners and film studio proponents all win through expected land deals, Stelco reveals desire to expand after releasing latest financial results. In October, the federal government said it would kick in close to $50 million toward $205 million in projects designed to modernize ArcelorMittal facilities in Hamilton and Quebec. Wednesday's announcement comes the day after Stelco's second-quarter financial results were released. 22 per cent between March 2018 and March 2019. Stelco reveals desire to expand after releasing latest financial results. The numbers were also below analyst expectations of $21.5 million, or 21 cents per share, according to financial markets data firm Refinitiv. David Cheney: What’s really cool about this project is a partnership between the public and private sector. The Strategic Innovation Fund (SIF) aims to attract and support high-quality business investments in Canada's most dynamic and innovative sectors. Our company is rooted in a strong history of commitment to our employees and encouraging innovation, technological development and unparalleled customer-service. As a result, the Strategic Innovation Fund has announced awards to support several Canadian steel and aluminum companies, including: Applications for Canadian government funding through SIF are open to organizations of all sizes across all of Canada’s industrial and technology sectors. The steel giant revealed a net income of $1-million in the second quarter of 2019. READ MORE: You can withdraw your consent at anytime. "This company, not that long ago, was in CCAA protection. "We're investing in technology to make some next-generation steels, including some steels that aren't currently made in North America.". Audience Relations, CBC P.O. That drop did not surprise University of Toronto steel analyst Peter Warrian. These products give shape and strength to a range of structures, such as high-rise buildings and bridges, and provide a new use for metal that would otherwise be discarded. to colleagues, clients or customers, or inquire about © 2019 Global News, a division of Corus Entertainment Inc. Rolls of coiled coated steel are shown at Stelco in Hamilton. Given the funding, Cheney was asked whether the company plans to restart the Stelco Hamilton blast furnace, which was "hot idled" in 2010 by then-owner U.S. Steel Canada. Comments are welcome while open. "These funds will be used to support the modernization of our facilities in both Hamilton and Nanticoke," he said. The company previously announced it was moving forward with plans for a co-generation power plant at its Lake Erie facility which "we believe will generate approximately $20 million in annual cost savings with limited capital investment.". Financial markets data firm Refinitiv said analysts had hoped for an adjusted net income of $21.5 million, or .21 cents per share from Stelco. WATCH: Stelco pushes for more support for steel industry in meeting with Trudeau, Feds give Stelco $50M towards modernization of Ontario steel plants. expressly prohibited without the prior written consent of Toronto Toronto Star articles, please go to: www.TorontoStarReprints.com, $50 million toward $205 million in projects designed to modernize ArcelorMittal facilities, the day after the release of the company's second-quarter financial results. Gerdau Ameristeel, a major producer of long steel in the Americas and one of the world’s largest suppliers of special steel, has been awarded funding from the federal government to complete facility upgrades at its locations in Whitby and Cambridge, Ontario, and to help increase the organization’s global competitiveness. Together, Canadian steel manufacturing and aluminum manufacturing employ more than 33,500 people and contribute $8.9 billion to Canada’s gross domestic product. Cheney praised the company's workers for taking on various challenges, including U.S. tariffs, and said Stelco is focused on long-term returns. “Stelco has a proud history of bringing innovation to market by revolutionizing the steelmaking process and through the products we develop for our customers,” Stelco’s Chief Executive Officer David Cheney said in a statement. In a conference call with analysts Wednesday, … The projects are aimed at innovation that will add 75 jobs, according to CEO David Cheney. Last quarter, the company reported a 15 per cent decrease in the average selling price to $761 per net tonne in 2019 compared to $898 per net tonne in the same quarter in 2018. Funded upgrades will allow Gerdau Ameristeel to modernize its steel production lines, reduce costs for manufacturing, lower the amount of scrap metal going to landfills, and improve its production capability for billets. The steelmaker is undertaking $451 million in projects over the next two years. "I would say that's largely just the price of steel more than anything else," he said. We continue to evaluate it," Cheney said Wednesday, noting the company's focus "has always been to utilize all of our assets.". However, those results also showed a 96 per cent decrease in Stelco's adjusted net income over the quarter — from $165 million, or $1.86 per share, to $6 million, or seven cents per share. A simpler, more flexible tool to grow Canada's economy. It’s about innovation. [Text on screen: David Cheney Chief Executive Officer Stelco … Scrap metal shipped to these locations is transformed into long “billets” (semi-finished long steel products) and then shaped into angles, rebar, flats, or channels. Guelph, Ontario Office Comments on this story are moderated according to our Submission Guidelines. Transcription – Stelco: Strategic Innovation Fund [Music starts] [[Text on screen: [Strategic Innovation Fund [Preparing Canada for the Future The Government of Canada announced a $49.9 million investment in Stelco.] } The funding follows the Hamilton, Ont.-based steel company’s second-quarter results, in which it reported a 96 per cent drop in adjusted net income compared to the same period last year, from $165 million to $6 million. The Logic © 2020 The Logic Inc. All Rights Reserved. Chief Executive Officer Marie, ON): $90M to modernize core production assets, including steel rolling and steel plate mills, Elysis (Montreal, QC; Alcoa Corporation and Rio Tinto Aluminum joint venture): $60M to commercialize new process for manufacturing aluminum with reduced emissions, Alcoa Deschambault Aluminerie (Montreal, QC): $10M to acquire equipment for increased aluminum production, Aluminerie Alouette (Sept-Iles, QC): $15M for adoption of new technologies, Tenaris (Sault Ste. Ottawa’s funding follows another $50-million investment it gave to Stelco competitor ArcelorMittal Dofasco in October, which the government said was part of a $2-billion support package in response to the tariffs. The company says the primary financial challenges in the quarter came from tariffs imposed by the U.S. and falling market prices. To order copies of By submitting a comment, you accept that CBC has the right to reproduce and publish that comment in whole or in part, in any manner CBC chooses. It’s about modernizing the steel industry, and creating and protecting jobs, and having a better social footprint. Talking point: Alan Kestenbaum, Stelco’s executive chairman, said the steep decline in after-tax income had to do in large part with the 25 per cent tariffs the U.S. imposed on Canadian steel in March 2018. Want to discuss? The money comes from the government's Strategic Innovation Fund, meant to "spur innovation for a better Canada" by supporting large projects, according to its website. The Strategic Innovation Fund (SIF) is a program that was launched in 2017. Specifically, it serves to simplify application processes, accelerate processing, and provide assistance that is more responsive and focused on results.The program has four Streams, each with its own precise objective: 1. ], [Text on screen: Gerdau’s entire project will total $81.2 million, with $20 million provided by the Strategic Innovation Fund. In May, Stelco said it had signed a long-term lease with another unnamed tenant that is using a previously vacant building "at our Hamilton site at a rate that averages approximately $10 per square foot.". Ottawa’s funding follows another $50-million investment it gave to Stelco competitor ArcelorMittal Dofasco in October, which the government said was part of a $2-billion support package in response to the tariffs. What’s the Proactive Funding Approach™? “Mentor Works helped us identify funding programs we were eligible for, explained how the application/submission/claims process works, and provided strategic direction on programs to apply for. The investment is being made through the government’s Strategic Innovation Fund. This approach ensures that Canadian business grants are a part of your strategic planning process, minimizing project costs and accelerating your growth. For example, the Whitby facility can shred and recover the metal from about 20,000 used cars per month. Conditions have improved since the tariffs were lifted, and customer demand is stronger, he said. Canadian firms interested in learning about additional programs for research and development for advanced technologies are encouraged to check out Mentor Works’ Canadian Business Funding Guide. The announcement comes a day after Stelco released it’s latest financials numbers. ... Stelco’s executive chairman, said the steep decline in after-tax income had to do in large part with the 25 per cent tariffs the U.S. imposed on Canadian steel in March 2018. It’s about sustainability. [ISED signature] Canada-wide steel exports declined 22 per cent between March 2018 and March 2019. Hamilton West-Ancaster-Dundas MP Filomena Tassi announced the support for Canada's steel industry at Stelco Wednesday afternoon. To order "The worrisome thing is if you look closely at the numbers, globally, manufacturing has already entered into a recession, so I would expect further downward pressure on steel prices.". Stelco will receive almost $50 million from the federal government to modernize its operations. MP Filomena Tassi and Navdeep Bains, Minister of Innovation, Science and Economic Development, made the announcement at the Hamilton steelmaker Wednesday. rights reserved. The investment is being made through the government’s Strategic Innovation Fund. if(!$('#wpaloginform #user_email_username').val()) { "As we think about transforming this business to creating jobs, sustaining jobs, investing in the communities. The Strategic Innovation Fund (SIF) is a federal funding program that provides support to Canada’s industrial and technology sectors in order to spur innovation and create jobs. alert("Please enter your email address"); It’s about investment. (Hamilton Spectator). The money was part of a $2-billion effort by the federal government to support the country's steelmakers, which faced a 25 per cent tariff on U.S. sales. “Our investment in Stelco will help strengthen the competitiveness of the steel sector for years to come, maintain Canada’s position in the global market and support jobs for middle-class Canadians.”.
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