Canadian Government Announces New Aid For Metals Companies

On May 4, Canadian government officials announced a new $1.5 billion initiative to support industries and companies that are facing steep tariffs from the United States. The initiative includes a new $1 billion Business Development Bank of Canada (BDC) program that will be available to industries that manufacture and export products containing steel, aluminum, or copper.

The BDC will:

• Support firms that use these metals in a significant way in their production and that have been impacted by the tariffs;
• Provide financing at favorable terms to enable businesses to address immediate pressures from tariffs; and
• Offer the industry a new tool to transform and adapt to future market conditions.

Separate from the BDC program, the government will provide an $500 million through the Regional Tariff Response Initiative (RTRI) to support tariff-impacted businesses in all sectors of the nation’s economy. This funding, delivered by Canada’s regional development agencies (RDA), will help ensure small and medium enterprises can access financing to enable strategic pivots through investments in market diversification and enhanced productivity that strengthen their competitiveness.

“We are taking concrete action to strengthen Canada’s economy by standing behind our steel, aluminum and copper industries,” said The Honorable Mélanie Joly, Minister of Industry. “The new measures announced today will protect workers and ensure companies have the tools and financing they need to keep operating, growing, and building Canada’s strength at home.”