Editor's Note: This article was supplied by the City of Woodstock, Ontario, which approved this posting. Nova Steel is expanding in Woodstock with local and provincial support.
The Province of Ontario is partnering with Nova Steel Inc. to invest in new equipment and expand its production capabilities, creating 20 new jobs and retaining 47 positions at its Woodstock manufacturing facility. Nova Steel Inc. is a leading 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.
With support from the Southwestern Ontario Development Fund, the company is investing in state-of-the-art equipment and process improvement to access new markets and diversify its product offerings. Ontario is investing $602,100 from the Southwestern Ontario Development Fund, supporting an additional investment of $5,418,900 from Nova Steel Inc., for a total value of $6,021,000. The project is expected to be completed in December 2020.
“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. We are pleased to partner with the Ontario government as this investment supports the continued growth and continuous improvement initiatives of our company,” said Rick Roest, general manager of Nova Steel Inc.
Since 2013, the Southwestern Ontario Development Fund and Eastern Ontario Development Fund have helped to create and retain more than 36,500 jobs and attracted approximately $1.73 billion in investment. The funds cover up to 15 percent of eligible project costs, with the recipient company funding the remainder from its own resources.
“Today’s announcement is an excellent example of what can be accomplished when industry and government work together, creating good jobs and boosting Ontario’s manufacturing sector. Our partnership with Nova Steel through the Southwestern Ontario Development Fund is helping them invest in new technology and grow their business, a key priority of our government,” said Jeff Leal, the minister responsible for Small Business.
“Ontario is pleased to support ambitious companies like Nova Steel that are contributing to growing the economy. This project will create more good jobs for people in Woodstock and the surrounding region,” added Liz Sandals, MPP for Guelph and president of the Treasury Board.