Canadian Government Invests $14 Million In Nova Steel
Last Friday, David Lametti, Minister of Justice and Attorney General of Canada, announced a C$14 million investment in Nova Tube Inc. for a $33.6-million project that will create 27 jobs and maintain 81 others in Montréal, Quebec.
Specifically, the investment will help the company improve production so it is faster, more accurate, safer and of a higher quality. In a press release, the government explained these improvements “will allow the company to move quickly in response to changing customer demand and become a North American leader in manufacturing standard steel pipe used for fire sprinklers, plumbing and heating, water wells, and fences.”
The investment comes through the country’s Strategic Innovation Fund, which is designed to attract and support high-quality business investments across all industries by encouraging firm expansion and research and development that will accelerate the transfer of technology and the commercialization of innovative products, processes and services.
Click here to learn more about the fund and the initiatives it has supported.
Minister Lametti said, “Our investment in Nova Tube 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.” Nova Steel, a member of the Metals Service Center Institute, is the only producer of the complete range of standard steel pipes in Canada.