Government of Canada Supports Wabi Iron & Steel with Over $3.2 Million Investment to Meet Growing Demand

FedNor funds will support jobs, growth and advanced manufacturing in the Temiskaming Shores region

New Liskeard, ON, Canada – Anthony Rota, Member of Parliament for Nipissing—Timiskaming, today announced a FedNor investment of $3,250,000 to help Wabi Iron & Steel Corp. (Wabi) innovate, grow, increase sales and exports, and create jobs in Northern Ontario. The announcement was made on behalf of the Honourable Patty Hajdu, Minister of Indigenous Services and Minister responsible for FedNor.

Provided through FedNor’s Regional Economic Growth Through Innovation Fund (REGI),

this targeted investment will be used to upgrade and expand Wabi’s foundry, the only facility of its kind in Northern Ontario. The foundry expansion was identified in Wabi’s strategic plan as a key priority to support the success and sustainability of the organization for the next 100 years. This investment will allow Wabi to purchase specialized energy efficient equipment, produce larger products, increase production and market share, while tripling its revenue by 2027.

In addition to the modernization and growth of an existing business, anticipated benefits of this investment include creating 43 new jobs, strengthening Northern Ontario’s manufacturing sector and further positioning the region as a leader for critical minerals and vital to the success of our mining supply chain.

Quotes

“This funding will help Wabi Iron & Steel grow their business and support the evolution of Northern Ontario’s mining and critical minerals sectors for years to come. As the only foundry in Northern Ontario, Wabi offers an essential service while being a major employer in Nipissing—Timiskaming. Helping Wabi grow and expand means 43 new jobs and new opportunities in Northern Ontario.”

-        The Honourable Anthony Rota, Member of Parliament for Nipissing—Timiskaming

“Northern Ontario’s mining and manufacturing sectors provide multi-generational job opportunities and supporting its ongoing success remains a top priority for the Government of Canada. The expansion of Wabi Iron & Steel will create 43 new jobs and support the company’s long-term growth and sustainability. This is another step forward in our plan doing what’s necessary to build a strong economy that works for everyone."

-       The Honourable Patty Hajdu, Minister of Indigenous Services and Minister responsible for FedNor

“We are excited that FedNor is stepping up to make this historic investment in the future of Wabi Iron & Steel. The expansion of the foundry will help us take our business to the next level, create local jobs and position us for another 100 years of success.

-       Darryl Gutscher, President, Wabi Iron & Steel Corp.

Quick facts

• The investments announced today are provided through FedNor’s Regional Economic Growth Through Innovation Fund (REGI), which supports the growth of Northern Ontario businesses, their expansion into new markets, and their adoption of new technologies and processes.

• Wabi Iron & Steel is a global leader in the development and manufacture of loading and conveyance systems for the mining industry, as well as a premier producer of general and abrasion-resistant castings in iron and steel.

• Its integrated Mine Equipment and Foundry Divisions enable the organization to be a convenient one-stop-shop for a variety of manufacturing solutions, ensuring client peace of mind through its trademark workmanship, deadline-driven approach and unwavering attention to detail. Its products are shipped to clients in Canada and the United States as well as Mexico and South America.