Ontario Partnering with Steel Technologies to Expand and Create Jobs in Woodstock

Steel Technologies Logo

Ontario is partnering with Steel Technologies to expand the company's Woodstock plant and invest in innovative technology, creating 15 new jobs and retaining 75 positions.

With more than $855,000 from the Southwestern Ontario Development Fund, Steel Technologies will expand its facility to meet increased demand for lightweight materials such as aluminum and advanced high strength steels. The company will install new equipment to increase efficiency and double production. Ontario's investment secures more than $8.5 million in private sector investment from Steel Technologies towards this project, which is expected to be completed by the end of 2018.

Steel Technologies is an industry leader in flat-rolled steel processing for the automotive, appliance, lawn and garden, agriculture, construction, office furniture, hardware and consumer goods industries. The Woodstock plant specializes in precision slitting and distribution of high carbon and alloy flat-rolled steel.

The Southwestern Ontario Development Fund is modelled on the proven Eastern Ontario Development Fund. Together these two funds are helping to create and retain more than 41,000 jobs and have attracted more than $1.8 billion in investment.

The funds typically cover up to 15 per cent of eligible project costs, with the recipient company funding the remainder from its own resources. This leveraging of private sector investment provides enhanced value for taxpayers.

Attracting new investment to Southwestern Ontario is part of the government's economic plan to build Ontario up and deliver on its number-one priority to grow the economy and create jobs.

The four-part plan includes investing in talent and skills, including helping more people get and create the jobs of the future by expanding access to high-quality college and university education. The plan is making the largest investment in public infrastructure in Ontario's history and investing in a low-carbon economy driven by innovative, high-growth, export-oriented businesses. The plan is also helping working Ontarians achieve a more secure retirement.

QUOTE

"I am pleased Steel Technologies continues to innovate and expand its Woodstock operations, and bring new jobs to Southwestern Ontario. By supporting our manufacturing sector, the province is working hard to grow the economy and create good paying jobs."

- Brad Duguid, Minister of Economic Development, Employment and Infrastructure

"Our government is delighted to support Steel Technologies' plans to expand its business and enhance the competitiveness of the Woodstock plant. Programs like the Southwestern Ontario Development Fund deliver targeted, strategic support to leverage new investment and help

Ontario businesses become more innovative and productive."

- Liz Sandals, MPP for Guelph

"I am pleased with today's announcement and am thrilled to see a local company continue to innovate so that they are ready for the next generation of manufacturing. On my recent business mission to Japan we visited with Mitsui to express our appreciation and pledge support to any future investments they may be considering which now makes this announcement even more special!"

- Mayor Trevor Birtch, City of Woodstock

"We are pleased to partner with the Ontario government on this project. At Steel Technologies, we are committed to delivering value-added products and services to our customers. The 64,000 square foot expansion at the Woodstock facility will give us the footprint we require to install new equipment allowing Steel Technologies to process advanced lightweight materials to meet growing demand."

- Mark Gemin, Vice-President, STC Steel Technologies Canada Ltd.

QUICK FACTS

• The Province's investment will help Steel Technologies add an additional 64,000 square feet to the existing 80,000 square foot Woodstock facility, doubling the plant's current production.

• Since October 2012, Ontario has committed to invest over $88 million through the Southwestern Ontario Development Fund, leveraging private-sector investment of more than $1 billion. These investments are helping to create over 4,000 new jobs and retain more than 19,000 existing jobs in the region.

• Ontario is accepting applications for the Southwestern Ontario Development Fund from qualified businesses that are growing and creating jobs. Sectors eligible for the fund include advanced manufacturing, food processing, life sciences, information and communications technology, tourism and cultural industries.

• Attracting new investment is part of Ontario's Business Growth Initiative, which is helping to grow the economy and create jobs by promoting an innovation-based economy, helping small companies scale-up and modernizing regulations for businesses.