Federal funding allows for $8.1M boost to Saskatchewan’s steel industry

Ottawa is providing over $8 million in funding to Saskatchewan steel firms and trade programs as U.S. tariffs impact the sector.

The Saskatchewan steel industry received a financial boost from the Government of Canada as the sector navigates global trade disruptions.

Eleanor Olszewski, the Minister responsible for Prairies Economic Development Canada (PrairiesCan), announced over $8.1 million will go towards enhancing trade and steel manufacturing capacity in Saskatchewan.

“This funding is going to help Saskatchewan companies stay competitive, increase productivity, reach new markets and strengthen supply chains,” said Olszewski.

Saskatchewan Trade & Export Partnership (STEP) will receive $5.1 million. The non-profit focuses on helping Saskatchewan businesses increase export opportunities.

• Download the CTV News app to get breaking news alerts sent to your device

Dynalndustrial GP Inc, Dutch Industries Ltd, and Hi-Tec Profiles Inc. will each receive $1 million to enhance steel manufacturing capacity, boost productivity and diversify their export markets.

“The STEP program will provide special and practical tools that businesses can use right now,” STEP’s president and CEO Chris Lane said.

The program will assist the companies in adapting products for new markets, accessing expert advisory support, pursuing international customers and greater market access confidence abroad.

The funds for the investments are provided through the Regional Tariff Response Initiative (RTFI).

The RTFI is the federal strategy to defend Canadian jobs, industries and supply chains from the impacts of tariffs.

Due to the funds being considered tariff relief, they are non-repayable.