Canada and Ontario Announce $8.7-Billion Industrial Support Plan

Conceptual Ontario industrial scene with steel coils, an automotive body and a northern landscape

Updated: 21 October 2026, 3:51 p.m. EDT

Prime Minister Mark Carney and Ontario Premier Doug Ford announced $8.7 billion in industrial investments in Ottawa on Wednesday, 21 October, alongside measures intended to help steel, automotive and critical-mineral businesses respond to U.S. tariffs.

The official action plan includes a Joint Steel Action Fund with five-year commitments of $3.55 billion from Ottawa and $1.67 billion from Ontario. The governments say it will help steelmakers diversify production and reach new markets.

An additional $2.5 billion over two years is earmarked for automotive capital projects, including machinery and production-line upgrades. The federal government will contribute $1.5 billion and Ontario $1 billion.

For northern Ontario’s Ring of Fire, Ottawa will match the province’s initial investment of up to $1 billion over three years for essential road infrastructure. The plan also calls for coordinated permitting and a working group on engagement with First Nations.

Global News independently reported the announcement as Ontario steelworkers face pressure from tariffs and planned production changes at Stelco. The new funding is a government commitment, with investments scheduled over several years.

A new Canada–Ontario Steel Task Force will first examine ways to reduce steel shipping costs and assess trade measures and import trends. The package also promises stronger enforcement against foreign steel dumping and subsidised imports.

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