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Industry Minister Mélanie Joly announced Friday the federal government is committing $76.2 million through the Strategic Response Fund toward the global manufacturer’s $305.9-million project to expand production of steel pipes used in oil and gas at its plant in Sault Ste. Marie, Ont. The Ontario government is kicking in up to another $72 million. (The Logic)
Talking point: Martín Castro, president of Tenaris in Canada, said Ottawa’s efforts to spur oil and gas projects is key. “We’re seeing more and more development, particularly in Western Canada, which is supporting the growth of our production here.” Eighty per cent of the tubular steel products Tenaris makes in Canada are for the domestic market, but its supply chain is still exposed to Trump’s steel levies. “We are maximizing steel production and pipe manufacturing in the U.S. to mitigate these tariff numbers,” CEO Gabriel Podskubka said May 7.
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