ArcelorMittal to Invest in Quebec
By Metal Center News Staff
on Jan 31, 2018
ArcelorMittal Long Products Canada will invest nearly $56.7 million in its Contrecoeur, Quebec, steel production facilities by 2020.
As part of the investment, ArcelorMittal will replace two reheating furnaces at its Contrecoeur-East wire rod mill and its Contrecoeur-West bar mill. The company says the new furnaces will allow for increased productivity, optimal energy use and reduced greenhouse gas emissions. The work, which is expected to increase the company's rolling capacity by 100,000 tons, should extend until the first half of 2020.
ArcelorMittal also plans to replace the dust collector at the Contrecoeur-West steelworks by the end of 2018, the company says.
“Our choice to invest in the acquisition of high-performance equipment will help us accelerate our move towards high-value-added steel production, particularly for the automotive and construction industries,” says François Perras, CEO of ArcelorMittal Long Products Canada. “ArcelorMittal Long Products Canada will also be in a better position to meet its customers’ needs and face international competition.”
Perras adds that government support was a major factor in the decision to invest in Contrecoeur facilities. According to ArcelorMittal, the investments were partly due to the Québec government’s electricity rebate program for L-rate customers, which is intended for companies engaging in major investment projects. ArcelorMittal’s investment project rebate is currently estimated at $20.3 million until 2020, the company says.
“With this modernization plan, we will continue to play a major role in our communities by supporting more than 1,700 direct jobs and converting our natural resources right here in Quebec,” Perras says.