Strategic Innovation Fund (SIF): $40M for Steel Producer
EVRAZ North America is a leading producer of engineered steel products for the energy, industrial, and rail industries. Throughout their multiple locations in the United States and Canada, the company employs more than 3,000 people. EVRAZ North America has recently received government funding which will support the costs of facility expansions in Western Canada.
EVRAZ North America has received $40,000,000 in capital investment funding from the Strategic Innovation Fund.
The Strategic Innovation Fund (SIF) is a Canadian government funding program uniquely targeted at Canada’s industrial and technology sectors. It offers financial support to fuel company expansion and R&D of processes, products, and services, and facilitates the growth of innovative firms. Funding for EVRAZ North America will go towards infrastructure upgrades that will increase capacity, reduce emissions, and enhance quality and efficiency.
Strategic Innovation Fund: $40M for Steel and Aluminum Industry
EVRAZ North America is one of the principal producers of large diameter pipe in North America and the largest Oil Country Tubular Goods (OCTG) producer in Western Canada. They have a total of six production facilities located in the United States and Canada. Their diverse range of manufacturing capabilities allows EVRAZ North America to produce a wide variety of specialty steel products such as coiled plates, rail and wire rod, and pipe for oil and gas applications.
The Strategic Innovation Fund (SIF) has awarded EVRAZ North America $40M in business expansion funding to support projects taking place at their plants in Western Canada.
SIF funding is contributing to a three-year, $112M investment into the EVRAZ facilities in Regina, Saskatchewan and Red Deer, Alberta. Projects taking place will be equipment upgrades and infrastructure expansions. Specifics of the projects include:
- Red Deer Heat Treat Expansion: Capital investment funding will allow EVRAZ to install a state-of-the-art heat treat line that will increase their capability to provide premium alloy grade quality in the OCTG product range.
- Red Deer Threader Line Upgrade: API threading equipment will be upgraded to allow the growth of the thread product range for OCTG.
- Regina Electric Arc Furnace Power Increase: This project will replace electrical transformers and associated power distribution equipment of the electric arc furnace, including building a new substation feeding the facility’s 138kV SaskPower hydro line.
- Regina Reheat Furnace Throughput Increase: EVRAZ North America will upgrade the reheat furnace burner equipment and expand the production capability of the reheat furnace while reducing NOx emissions.
Once completed, these improvements will enhance EVRAZ North America’s steelmaking capacity and improve overall efficiency.
About the Strategic Innovation Fund (SIF)
The Strategic Innovation Fund is a five-year (2017-2021) Canadian government funding program intended to support the expansion and growth of Canada’s most innovative companies. It offsets the costs of commercialization activities and R&D, and helps companies implement advanced technologies to improve products and services.
Through the Strategic Innovation Fund (SIF), awarded businesses may receive up to 50% of project costs in Canadian government grants.
SIF provides funding through four streams:
- Research, Development, and Commercialization
- Business Growth and Expansion
- Investment Attraction and Retention
- Collaborative Technology Development and Demonstration
The Strategic Innovation Fund is one of many Canadian government funding programs that can support research and development projects.
Download the Canadian Business Funding Guide to learn more about types of government funding and basic eligibility criteria needed to be considered for funding.