The federal government will invest $5 million in a lightweight auto parts steel manufacturer in Ontario so that the company can shift to producing electric vehicle components at its Concord facility.
ArcelorMittal Tailored Blanks Americas Limited (AMTB)’s facility currently produces fuel-powered vehicle components. The company will use the government’s funding to modernize its equipment and technologies so that it can transition Concord to producing only EV components for the automotive industry.
“This funding directly supports our investment in industry-leading manufacturing equipment, brings new jobs to the area, and marks an exciting step forward in our commitment to help drive a safer and greener tomorrow,” said Todd Baker, President & CEO of AMTB, in a statement.
The news was announced during Economic Development Week in May by Filomena Tassi, Minister responsible for the Federal Economic Development Agency for Southern Ontario. “As we shift to a carbon-neutral economy, we are supporting sustainable manufacturing facilities that will be at the forefront of the industry,” said Tassi in a statement.
She was joined by Francesco Sorbara, Member of Parliament for Vaughan–Woodbridge, and Majid Jowhari, Member of Parliament for Richmond Hill, for the announcement. The project will create 65 new jobs.
According to the Federal Economic Development Agency for Southern Ontario, AMTB’s process for producing steel to create lightweight auto parts is said to use less energy and reduce carbon footprint and cost.
