ArcelorMittal's Canada Unit to Invest C$70 Million in Facilities
ArcelorMittal Long Products Canada, a unit of ArcelorMittal (MT), said Thursday that it will invest about 70 million Canadian dollars ($56.6 million) from a government program in its steel-production facilities by 2020.
The Quebec government's electricity rebate program will fund the project to upgrade the company's facilities in Contrecoeur, Quebec. The investment will allow the company to maintain its leading position in the North American steel industry, it said.
The company will replace two reheating furnaces as part of the investment, enabling higher productivity, better energy use and lower gas emissions. The work on the furnaces is expected to last until the first half of 2020, ArcelorMittal said.
It will also replace a dust collector, which improves air quality, at the end of the year, the company said.
The company also said it had invested C$27 million in a new finishing line at its Longueuil mill.
Write to Marc Bisbal Arias at marc.bisbalarias@dowjones.com
ArcelorMittal Long Products Canada, a unit of ArcelorMittal (MT), said Thursday it will invest about C$70 million in its steel-production facilities by 2020, $C25 million of which will be funded via the Quebec government's electricity rebate program.
The investment will allow the company to maintain its leading position in the North American steel industry, it said.
The company will replace two reheating furnaces as part of the investment, enabling higher productivity, better energy use and lower gas emissions. The work on the furnaces is expected to last until the first half of 2020, ArcelorMittal said.
It will also replace a dust collector, which improves air quality, at the end of the year, the company said.
The company also said it had invested C$27 million in a new finishing line at its Longueuil mill.
Write to Marc Bisbal Arias at marc.bisbalarias@dowjones.com
Corrections & Amplifications
This article was corrected at 10:09 a.m. ET on Friday, Jan. 26, 2018 because the original erroneously stated that the project would be wholly funded by the program in the first and second paragraphs. The rebate program will fund $C25 million of the investment, not the whole $C70 million.
ArcelorMittal Long Products Canada said it will invest about C$70 million in its steel-production facilities by 2020, $C25 million of which will be funded via the Quebec government's electricity rebate program. "ArcelorMittal's Canada Unit to Invest C$70 Million in Facilities," at 1607 GMT on Thursday, erroneously stated that the project would be wholly funded by the program in the first and second paragraphs. The rebate program will fund $C25 million of the investment, not the whole $C70 million.
(END) Dow Jones Newswires
January 26, 2018 10:06 ET (15:06 GMT)