MacDougall Steel Erectors receives support for new parts shop
Canada’s steel and aluminum sectors are key contributors to the Canadian economy, providing well-paying jobs across Canada. Helping the steel and aluminum sector modernize and adopt advanced manufacturing techniques and technologies enhances productivity, competitiveness and helps to maintain and create skilled jobs.
MacDougall Steel Erectors (MSE), the province’s largest steel manufacturer, will receive support from the federal and provincial governments to help the company become more efficient and reduce third party purchasing of critical parts and components.
“This will allow our company to build our own parts, many of which would otherwise have to be purchased elsewhere at a higher cost to serve our needs,” MSE Chief Financial Officer Kirk MacKinnon said. “This kind of vertical integration will put MSE in a better position to continue to be successful employer and manufacturer over the long term, and we thank the federal and provincial governments for their support.”
The Honourable Wayne Easter, Member of Parliament for Malpeque, on behalf of the Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development and Minister responsible for the Atlantic Canada Opportunities Agency (ACOA), today joined the Honourable Matthew MacKay, PEI Minister of Economic Growth, Tourism and Culture to announce the funding.
MSE will receive a $750,000 loan from the PEI Century Fund to support the project. The Government of Canada is providing a $350,000 investment for new equipment under the Regional Economic Growth through Innovation (REGI) Steel and Aluminum Initiative.
“It is vital that the province use its loan portfolio to support the growth and improvement of businesses across Prince Edward Island,” Economic Growth, Tourism and Culture Minister Matthew MacKay said. “This project supports MSE’s continued efforts to be more efficient and reduce overhead, which will put the company in a more enviable position into the future.”
“Our government supports the hard-working steel and aluminum workers and companies that are important to regional economies across Canada,” the Member of Parliament for Malpeque Wayne Easter said, on behalf of the Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development and Minister responsible for the Atlantic Canada Opportunities Agency (ACOA). “I am pleased to announce this investment for MSE, a rural PEI company focused on innovation to drive productivity, scale up and expand into new markets to create good jobs.”
Financing assistance has proven to be an essential support for business growth across Prince Edward Island. Provincial loans help nearly 900 Island businesses with close to $400 million in financing; the vast majority of which supports entrepreneurs and primary producers in rural communities. Provincial lending programs also make money and return about $4 million in profit annually.
Department of Economic Growth, Tourism and Culture