Ontario puts $500M toward ArcelorMittal Dofasco green steel project
BNN Bloomberg
Ontario is giving $500 million in loans and grants to ArcelorMittal Dofasco to make its steelmaking process greener.
HAMILTON - Ontario is giving $500 million in loans and grants to ArcelorMittal Dofasco to make its steelmaking process greener.
The $1.8-billion project will replace coal-fed coke ovens and blast furnaces with low-emission technology.
It's expected to reduce carbon dioxide emissions by about three million tonnes a year, equivalent to taking almost one million cars off the road.
The province is tying to project's objectives to its automotive strategy, aimed at attracting electric vehicle production to Ontario.
Ford says clean steel will be a "critical ingredient" in electric vehicle production, and he's proud to support steel giant's shift to more environmentally friendly methods.
Economic Development Minister Vic Fedeli says if the car of the future is going to be electric, then the steel it's made with needs to be electric, too.
