NEW YORK Ivaco Rolling Mills LP has received a Canadian $7-million ($6.3-million) loan from the Ontario provincial government to help modernize its facility.
The loan will help Ivaco modernize its facility to increase capacity and produce high-quality products, expanding opportunities to supply industries including automotive, advanced manufacturing and energy, according to a March 17 statement by the provinces Ministry of Economic Development, Trade and Employment. The new technology also will make the plant more energy efficient, reduce its raw materials requirements and lower emissions.
These important upgrades signal the next performance chapter for our company, Ivaco president Giorgio Piliu said in a statement. Our team looks forward to offering our customers a further expanded line of high-quality products to meet their evolving needs. This is a great opportunity for the community and for this company.
The loan will go toward an C$80-million ($72.4-million) project that LOrignal, Ontario-based Ivaco is planning. The company could not be reached for comment.
An Ontario government spokeswoman said in an e-mail that the loan is part of a legacy project under the now-closed Strategic Jobs and Investment Fund, which supports companies prepared to invest at least C$10 million or create 50 new, high-value-added jobs, in qualifying projects of up to five years.
Ivaco was awarded a $10-million repayable contribution to complete its melt shop by the Federal Economic Development Agency for Southern Ontario last year (amm.com, May 6). The loan was used to expand and upgrade its steelmaking facilities to increase product range and market share, particularly on different grades and high-quality billet (amm.com, March 12, 2012)