Canada and Ontario announced a C$8.7-billion plan to support industries hit by tariffs by funding steel production, auto investment and roads to the mineral-rich Ring of Fire.
Prime Minister Mark Carney and Ontario Premier Doug Ford announced the plan in Ottawa on October 21. They said it is intended to support workers and strengthen Ontario’s industries as trade tensions with the United States continue. The largest part is a five-year Joint Steel Action Fund worth C$5.22 billion, including C$3.55 billion from Ottawa and C$1.67 billion from Ontario.
The fund is intended to help steelmakers make a wider range of products and sell them in foreign markets. The governments also plan to give Canadian steel preference in government purchases. They also plan to strengthen monitoring of imports.
The auto sector will receive another C$2.5 billion over two years, with up to C$1.5 billion from the federal government and C$1 billion from Ontario, for major projects. This includes work to support future connected and electric vehicles. Ottawa is also committing up to C$1 billion over three years for Ring of Fire road infrastructure.
This matches Ontario’s earlier commitment. Carney said the measures could protect up to 290,000 jobs across the province. The funding is intended to help industries adapt, rather than guarantee particular jobs.
The announcement comes as U.S. tariffs continue and Ontario’s steel and auto businesses face uncertainty.