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 Na...