Minister Ng joins workers to celebrate $150M Tenaris investment in Canada

TORONTO, Sept. 27, 2022 /CNW/ - Foreign direct investment plays a critical role in creating jobs, economic growth and innovation in Canadian communities.

Today, the Honourable Mary Ng, Minister of International Trade, Export Promotion, Small Business and Economic Development, took this message to Sault Ste. Marie, where she participated in an event at Tenaris Algoma Tubes celebrating the completion of $150 million in recent upgrades to the facilities. These projects were supported by a Government of Canada investment of more than $21 million through the Strategic Innovation Fund ($16 million) and the Federal Economic Development Agency for Northern Ontario ($5 million). The projects included important modernization to equipment and expansion of the workforce.

The new Tenaris pipe manufacturing centre will continue to be supported by the company's threading facility in Nisku, Alberta; by its service centres in Grande Prairie, Sherwood Park and Red Deer, Alberta, and in Bienfait, Saskatchewan; and by its Canada headquarters, which will remain in Calgary, Alberta.

Over the past 20 years, Tenaris has invested more than $1 billion in growth and improvement projects in Canada, and the company remains committed to Canadian manufacturing and to serving its oil and gas customers.

Quote

"Our government is actively supporting the Canadian steel industry and steel workers, which have long been a cornerstone of our economy. Our investment is helping secure more than 600 local jobs here in northern Ontario and in Alberta, while continuing to drive the production of world-class Canadian steel products."

– The Honourable Mary Ng, Minister of International Trade, Export Promotion, Small Business and Economic Development

Quick facts

• The Strategic Innovation Fund is a program designed to attract and support high-quality business investments in Canada's most dynamic and innovative sectors.
• To date, the Strategic Innovation Fund has contributed more than $5.6 billion to 103 projects, leveraging an investment of $57 billion and helping create and maintain nearly 97,000 jobs.
• In addition to the Strategic Innovation Fund, there are hundreds of programs and services to help businesses innovate, create jobs and grow Canada's economy. With a simple, story-based user interface, the Business Benefits Finder can match businesses with the most fitting programs and services in about two minutes.
• Canadian foreign direct investment (FDI) inflows posted a strong start in the first half of 2022: Canada's first quarter value of $19.9 billion was almost 50% higher than the 10-year Q1 quarterly average. For the second quarter of 2022, net FDI inflows, valued at $22 billion, were 64% greater than the 10-year quarterly average.
• FDI inflows to Canada reached a 15-year high in 2021. At $74.8 billion, inward FDI was a whopping 50% [SD(1] above the historical annual average in the decade since 2011.

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SOURCE Innovation, Science and Economic Development Canada

Contacts: Alice Hansen, Press Secretary, Office of the Minister of International Trade, Export Promotion, Small Business and Economic Development, 613-612-0482, [email protected]; Media Relations, Innovation, Science and Economic Development Canada, [email protected]