Ontario invests $1.5 million in auto parts manufacturer
Waterloo-based ArcelorMittal Tailored Blanks is making a total investment of nearly $17.4 million to buy new equipment and modify its manufacturing plant.
Woodstock, Ont.-based auto parts manufacturer ArcelorMittal Tailored Blanks is making a big investment to acquire new equipment and make modifications to its manufacturing facility to produce door rings and tailor welded outer blanks.
The company is investing nearly $17.4 million in the project, including a supporting investment of $1.5 million from the Ontario government.
In a Nov. 23 news release, the Ontario government said the $1.5 million from the Southwestern Ontario Development Fund is being used to address production demands from automotive investments in the battery electric vehicle market. The project will create 32 jobs and retain 53 existing positions, as well as enhance productivity, increase production efficiencies, and expand ArcelorMittal sales into new markets.
“ArcelorMittal has a significant asset footprint in Ontario and our advanced steel solutions are an integral component of key supply chains, including the automotive sector,” said Todd Baker, ArcelorMittal Tailored Blanks president and CEO. “The company’s advanced solutions, from advanced high strength steel to laser welded blanks, are helping to shape Ontario’s next-generation automotive industry and the province’s low carbon economy. Specifically, this investment enables [us] to produce one million door rings annually for the electric vehicle market.”