Carney announces $9-billion plan for Ontario’s steel, auto industries

Skip to Content News Archives Economy Defence Energy Oil & Gas Renewables Electric Vehicles Mining Commodities Agriculture Real Estate Mortgages Mortgage Rates Finance Banking Insurance Fintech Cryptocurrency Defence Work Wealth Smart Money Wealth Management Investor Personal Finance Family Finance Retirement Taxes High Net Worth FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials More Innovation Information Technology FP500 Podcasts Small Business Lives Told Tails Told Shopping Financial Post Store Obituaries Place a Notice Advertising Advertising With Us Advertising Solutions Postmedia Ad Manager Sponsorship Requests Classifieds Place a Classifieds ad Working Profile Settings My Subscriptions My Offers Newsletters Customer Service FAQ News Economy Energy Mining Real Estate Finance Defence Work Wealth Investor FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials This advertisement has not loaded yet, but your article continues below.HomeCommoditiesMiningTransportationAutosCarney announces $9-billion plan for Ontario's steel, auto industriesOttawa will also provide up to $1 billion over three years for building road infrastructure in Ontario’s Ring of Fire regionAuthor of the article:Ontario’s Premier Doug Ford meets with Prime Minister Mark Carney on Parliament Hill, Oct. 21, 2026. Photo by Blair Gable/PostmediaPrime Minister Mark Carney unveiled a $9 billion partnership with Ontario to support the province’s tariff-battered steel and auto industries, along with new funding for mining-related infrastructure in the Ring of Fire region.THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLYSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.SUBSCRIBE TO UNLOCK MORE ARTICLESSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.REGISTER / SIGN IN TO UNLOCK MORE ARTICLESCreate an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountCarney said the government will also hold off on increases to federal emissions standards for vehicles, keeping them at 2026 levels through to the year 2029, with the goal of giving automakers more flexibility in the short term.This advertisement has not loaded yet, but your article continues below.The prime minister announced the measures Wednesday in Ottawa, speaking alongside Ontario Premier Doug Ford.“U.S. tariffs have upended a trade bargain that has existed for decades,” Carney said, referring to the 50 per cent duties U.S. President Donald Trump imposed on foreign steel last year. “They’ve raised costs for American families, while putting Ontario workers and businesses at a disadvantage and under a cloud of uncertainty.”The new measures come as Carney’s government threatens to take legal action against U.S.-based steel firm Cleveland-Cliffs Inc. over its plan to lay off hundreds of workers at its Stelco Holdings Inc. operation in Hamilton, Ontario.Industry Minister Melanie Joly has said the government is looking at all options, including potentially forcing Cleveland-Cliffs to sell its Canadian assets.Wednesday’s support package for the steel sector includes a joint $5 billion fund over five years, with about a third of the money coming from the Ontario government, according to a government release. At least some of the money comes from funding previously earmarked for industry support.This advertisement has not loaded yet, but your article continues below.“Today’s investment will enable mills and companies to upgrade machinery and manufacture more products Canada needs to expand to meet demand in non-U.S. markets,” Carney said.The federal government will also take stronger action against foreign steel dumping through “enhanced monitoring and targeted enforcement activities,” the government release said, but did not provide further details.For the auto sector, the federal and Ontario governments will provide an additional $2.5 billion over two years for “large-scale automotive capital projects,” the government release said, with the goal of helping firms manufacture electric vehicles and maintain international competitiveness.Carney said that since Trump imposed tariffs on Canadian-made autos, sparking retaliatory tariffs from Canada, both countries have seen declines in their auto exports to each other’s jurisdictions.“Nobody wins from this,” Carney said. “Tariffs make both our industries weaker and reduce choice for our families. That’s why Canada remains ready to negotiate a fair deal when the U.S. is ready to sit down in good faith.”Meanwhile, the Canadian government will also provide up to $1 billion over three years for building road infrastructure in Ontario’s Ring of Fire region, matching previously announced funding from the provincial government.“We can secure a sovereign supply chain and bolster Canada’s position as a critical minerals leader,” Carney said about developing the region.This advertisement has not loaded yet.Notice for the Postmedia NetworkThis website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. By continuing to use our site, you agree to our Terms of Use and Privacy Policy.