Tenaris Algoma Tubes Receives Investment that will Create New Full-Time Jobs and Better Support Canada's Energy Sector - SaultOnline.com | Canada News Media
SAULT STE. MARIE, ON – Today, Ross Romano, MPP for Sault Ste. Marie announced that the Ontario government is providing $9 million to assist Tenaris Algoma Tubes, the only steel pipe manufacturer based in Canada to upgrade its facility, purchase new equipment and expand operations in Northern Ontario.
The investment will lead to the creation of 153 new high-paying full-time jobs and enable the company to better support Canada’s energy sector.
Romano spoke from the heart as he said “I’m very happy to announce that the pipe dream is now a reality. Our government’s investment of $9 million has successfully leveraged an investment into Tenaris Algoma Tubes of over $117 million, creating 153 high paying jobs. Thank you, Tenaris for investing in Ontario and for investing in Sault Ste. Marie, where we are Open for Business and Open for Jobs.”
Through the Northern Ontario Recovery Program (NORP), Ontario is helping businesses in the north get back on their feet by helping them adjust operations to meet new public health guidelines, protect employees and customers, and build consumer confidence.
Tenaris Algoma Tubes manufactures seamless oil country tubular goods (OCTG) and line pipe products for Canada’s onshore and offshore oil and natural gas sector. Its products help stabilize drilling operations and bring oil and gas to the surface.
Ricardo Prosperi, Tenaris President for Canada, recognized Minister Romano and the commitment from the Ontario Government. “Thanks to the strong advocacy of the local Member, Ross Romano and his work with colleagues in the Ontario Government for their overwhelming support. At Tenaris, we are committed to Canadian manufacturing, and thanks to the provincial support announced today, we are able to move forward with our investments during these challenging times. This investment, along with our Rig Direct business model and service infrastructure, makes us stronger to support Canadian energy development with safe, efficient solutions for years to come.”
Funding for Tenaris Algoma Tubes is being delivered through the Northern Ontario Heritage Fund Corporation (NOHFC). The Corporation promotes economic prosperity across Northern Ontario by providing financial assistance to projects – big and small, rural and urban – that stimulate recovery, growth, job creation and skills development. Since June 2018, the NOHFC has invested more than $225 million in 1,492 projects in Northern Ontario, leveraging more than $991 million in investment and creating or sustaining 4,298 jobs.
TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.
The S&P/TSX composite index was up 103.40 points at 24,542.48.
In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.
The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.
The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.
The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.
This report by The Canadian Press was first published Oct. 16, 2024.
TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.
The S&P/TSX composite index was up 205.86 points at 24,508.12.
In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.
The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.
The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.
The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.
This report by The Canadian Press was first published Oct. 11, 2024.
TORONTO – Canada’s main stock index was little changed in late-morning trading as the financial sector fell, but energy and base metal stocks moved higher.
The S&P/TSX composite index was up 0.05 of a point at 24,224.95.
In New York, the Dow Jones industrial average was down 94.31 points at 42,417.69. The S&P 500 index was down 10.91 points at 5,781.13, while the Nasdaq composite was down 29.59 points at 18,262.03.
The Canadian dollar traded for 72.71 cents US compared with 73.05 cents US on Wednesday.
The November crude oil contract was up US$1.69 at US$74.93 per barrel and the November natural gas contract was up a penny at US$2.67 per mmBTU.
The December gold contract was up US$14.70 at US$2,640.70 an ounce and the December copper contract was up two cents at US$4.42 a pound.
This report by The Canadian Press was first published Oct. 10, 2024.
