The link below gives you more detail.
https://www.saultstar.com/news/local-news/steel-announcement-planned-for-thursday
Dani Keenan, press secretary for Bains, told The Sault Star the minister will detail financial assistance “to help improve and modernize Algoma Steel.”
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Wow, what a sweet deal for Algoma. Gov't pays the 500 million in pension shortfall and now will kick in for some of the 300 million in upgrades to make the NEW steels
Since Algoma mentioned the Navy war ships and auto sector....as needing this new steel..
The Canadian war ships need high chromium content steel.
Notice the 2 links below. The target to start construction for these Canadian war ships is early 2020.
Also Irving ship builders in Halifax will be building these ships (60 billion dollars worth of ships)
Notice the past relationship with Irving and Algoma on the Cdn patrol ships.
Now all they need is the chromium..If the intention is to start construction of ships in early 2020 they better speed up on the ROF.
https://biv.com/article/2019/01/mda-plays-waiting-game-60b-warship-contract
We expect to award a contract for the design work to the winning bidder this winter, but will take the time needed to get it right,” Department of National Defence spokeswoman Jessica Lamirande told Business in Vancouver in an email. “We are targeting to begin construction in the early 2020s, with the first ship anticipated to be delivered in the mid-2020s time frame.”
Pogue, who serves as president of MDA’s government division, sees the contract as a potential game-changer.
“What’s exciting, I think, to me is [creating] a national shipbuilding industry, and that kind of commitment is a positive shift for Canada,” he said
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you can see the past relationship between Irving ship builders in Halifax who will be building these 60 billion dollar Canadian Navy War ships and Essar Algoma.
They worked together to build the patrol ships in the past.
https://www.sootoday.com/local-news/essar-to-benefit-from-massive-shipbuilding-contract-updated-photo-178322
