WASHINGTON (Pakistan Point News / Sputnik - 14th October, 2022) Giant steel producing company ArcelorMittal begins a $291 million decarbonization project funded by the Canadian government in the city of Hamilton, the Ministry of Innovation, Science and Economic Development said on Thursday.
"Today, the Prime Minister, Justin Trudeau, and the Minister of Innovation, Science and Industry, Francois-Philippe Champagne, participated in a groundbreaking ceremony for a decarbonization project at the ArcelorMittal Dofasco facilities in Hamilton, Ontario. This project was made possible by a Government of Canada investment of $400 million through the Strategic Innovation Fund," the press release said.
The Canadian investment in the steel company is expected to bring up to 2,500 construction jobs and is set to maintain Defasco's position as a major employer in the city if Hamilton, Ontario, the release added.
The project which was first announced in 2021 will make of ArcelorMittal the first North American steel-producing company to be driven by hydrogen energy and will significantly contribute to Canadian objectives of 3 million tonnes or 1% reduction in greenhouse emission, per year by 2030, the statement continued.
Canada's steel industry employs well over 24,000 people, and generates around $2.1 billion of the country's GDP.
