Canada and Ontario Announce CA$8.7 Billion in Funding For Steel, Auto and Critical Minerals Sectors

04:01 PM EDT, 10/21/2026 (MT Newswires) -- Canada and Ontario on Wednesday jointly announced nearly CA$9 billion in funding to grow the province's steel, auto and critical minerals sectors to drive economic growth and develop new non-US markets. A Joint Steel Action Fund, supported by five-year federal funding commitments of CA$3.55 billion and CA$1.67 billion from Ontario, will diversify production, prepare Canadian steel firms to support industries such as defense, advanced manufacturing, and energy and trade infrastructure. It will also open up new overseas markets for Canadian steel, a statement from the Prime Minister's Office said. Ontario's auto sector, which supports over 120,000 direct jobs and contributes CA$6 billion to the country's gross domestic product, will receive CA$1.5 billion in federal funds over two years. The funds will be used to upgrade machinery and production lines for the connected and electric vehicles of the future. Ontario will supplement this initiative with CA$1 billion funding. Northern Ontario's Ring of Fire region will also see an initial Canadian government investment of CA$1 billion, matching the province's initial investment of up to CA$1 billion over three years, the statement added. Funds will be used to advance the construction of essential road infrastructure.