The federal government is pledging $400 million for ArcelorMittal Dofasco, a Canadian subsidiary of the Luxembourg-based commodity giant, to convert its Hamilton, Ont. plant away from using coal to produce steel. The $1.76-billion project will install new equipment furnaces by 2028 initially using natural gas and eventually hydrogen, which the firm estimates will reduce its carbon-dioxide emissions by three million tonnes, or 60 per cent.
Finance Minister Chrystia Freeland announcing $400 million for ArcelorMittal Dofasco from the Strategic Innovation Fund’s Net Zero Accelerator at the company’s plant in Hamilton, Ont. in July 2021.