A Niagara-based steel manufacturer will be expanding into new international markets, fuelled by up to $5 million in federal funding.
Economic Development Minister Mélanie Joly is expected to announce a repayable FedDev Ontario investment of up to $5 million to Valbruna ASW Inc. in Welland this morning, allowing the expansion of the company that manufactures carbon, stainless and other specialty steel materials for various industrial sectors.
The investment will allow the company to invest in new technologies to make it the only steelmaker in Canada with the capability of producing stainless steel and nickel alloy with improved durability.
As a result, the company will be able to reach new markets across Canada and the U.S. and increase domestic manufacturing, while also preserving 110 jobs and supporting the creation of 15 jobs “to ensure that our manufacturers not just survive in the new economy, but thrive,” Joly said.
She said the government is working to help businesses “build back stronger” as the pandemic nears its end.