Prime Minister Mark Carney pledged nearly $3.6 billion over five years to help steel firms upgrade their equipment to make more of the products Canadian companies would otherwise import for defence, energy, infrastructure and advancing manufacturing—while reducing their exposure to the struggling auto sector. Ontario will contribute another $1.67 billion to the fund. (The Logic)

Talking point: It was part of what Ontario Premier Doug Ford called a “historic agreement” with Ottawa to devote a combined $8.7 billion to shore up the Canadian and provincial economies amid the U.S. trade war. It includes $2.5 billion over two years for auto companies’ major capital projects, such as retooling assembly lines. Ottawa is also matching Ontario’s $1 billion over three years for roads in the mineral-rich Ring of Fire region in northern Ontario. It remains unclear whether Stelco, which Ottawa is threatening with legal action over its decision to idle part of its steel plant in Hamilton, would be eligible for the new funding.

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