# Government of Canada commits up to $420M to Algoma Steel's green steel transformation

The Government of Canada has committed up to $420 million in financial support for Algoma Steel's proposed transformation to electric arc furnace steelmaking, which could reduce carbon emissions by approximately 70% and position Algoma as the greenest flat-rolled steel producer in Canada.

- Type: Investment
- Announced: 2021-07-05
- Where: Sault Ste. Marie, Ontario, Canada
- Value: $336.0M (420.0M CAD)
- Status: announced
- Products: flat-rolled steel
- Sectors: [Steel and Metal Products](https://endata.com/sectors/steel-metal-products.md)

## Companies

- [Algoma Steel Inc.](https://endata.com/companies/15428.md)
- [Government of Canada](https://endata.com/companies/1351.md) (investor)

## Sources

- [newswire.ca](https://www.newswire.ca/fr/news-releases/government-of-canada-endorses-algoma-steel-s-transformation-plan-for-green-steel-875175226.html), 2021-07-05: "Having a commitment of this magnitude from the Government of Canada shows leadership towards a net-zero, climate-resilient Canada."

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Data from Endata (https://endata.com/). Announcements are summarized from public sources and may be incomplete; check the linked originals.