WOODSTOCK, ONT. — Nova Steel Inc. will benefit from new equipment and the expansion of production capabilities thanks to a partnership with the Ontario government.
The upgrades are expected to create 20 new jobs and retain 47 positions at the Woodstock, Ont.-based company, which is a manufacturer in the North American steel industry. The company makes a variety of steel products such as tubes, pipes and flat roll products. Nova Steel’s products are used primarily in the auto industry as well as in sectors such as transportation, construction, agriculture and heavy equipment, indicates a government release.
"Here at Nova Steel, we’ve built a highly skilled and dedicated team to become a leader in steel tube manufacturing and the production of tubular parts," said Rick Roest, general manager, Nova Steel Inc., in a statement.
Ontario is investing $602,100 from the Southwestern Ontario Development Fund, supporting an additional investment of $5.4 million from Nova Steel Inc., for a total value of just over $6 million. The project is expected to be completed in December 2020 and the company is investing in state-of-the-art equipment and process improvement to access new markets and diversify, adds the release.
The Southwestern Ontario Development Fund covers up to 15 per cent of eligible project costs, with the recipient company funding the remainder from its own resources.
Ontario is accepting applications for the Southwestern Ontario Development Fund from qualified businesses. Sectors eligible for the fund include advanced manufacturing, food processing, life sciences, information and communications technology, tourism and cultural industries.
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