The Canadian government and the province of Ontario have announced a joint support package for the steel, automotive and critical minerals sectors. The measures are intended to help businesses affected by US tariffs.
A joint fund will support the steel industry. Over five years, the federal government will contribute C$3.55 billion and Ontario C$1.67 billion. The funding will help diversify production, develop overseas markets and prepare companies to supply Canada’s defence, advanced manufacturing, energy and trade infrastructure sectors.
Another C$2.5 billion will be invested over two years to modernize auto plants, with C$1.5 billion coming from the federal government and C$1 billion from the province. The funding will help manufacturers upgrade equipment and production lines to build electric vehicles.
The federal government will also match Ontario’s investment of up to C$1 billion over three years in roads supporting mineral development in the remote Ring of Fire region of Northern Ontario.
Canada’s automotive sector employs more than 120,000 people directly, while its steel industry supports over 23,000 direct jobs. A further 172,000 jobs are tied to fabricated metal products.
“From mine to mill to assembly line, Canada and Ontario are protecting jobs today and making bold investments that will build a stronger, more resilient, more independent Canadian economy for tomorrow,” Prime Minister Mark Carney said.
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