The federal government is spending $8.7 billion along with the provincial government on key Ontario industries as pressure from the trade war with the U.S. builds, Prime Minister Mark Carney and Ontario Premier Doug Ford announced on Wednesday.
The “new action plan” includes $1 billion spent to develop capacity in the Ring of Fire, a mineral-rich region in northern Ontario known for critical mineral development, as well as $5 billion on steel mills to ensure that steel workers can keep their jobs, Carney said, adding that it will protect 100,000 jobs in the sector.
“From mine to mill to line, we are connecting all the links in the value chain as part of a larger plan,” Carney said.
Ottawa will also spend $2.5 billion on the auto sector’s assembly line plants in Ontario, Carney said, with the aim of safeguarding 120,000 jobs, he added.
This includes spending on upgrading machinery and production lines at auto assembly plants.
Carney also announced a $5 billion joint steel action fund with Ontario, that would help the steel industry diversify.
Carney also announced that the CBSA would strengthen protections against foreign steel dumping, in addition to announcing a new Canada-Ontario Steel Task Force, which would advise the industry on how to reduce steel shipping costs and provide guidance to the industry on import trends.
“At present, our steel companies rely heavily on the auto sector. In the future, pipes, rail, ports, defence will be increasingly important sources of demand,” he said.
The fund will also help the sector find new market overseas and “fortify Ontario’s industrial base.”
“This funding will fortify these critical sectors, keeping workers on the job today,” Ford said.
The federal government is also looking to match the provincial government’s $1 billion investment to build a 500 km-long highway to the Ring of Fire, Carney said.
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While an “integrated North American auto sector will be stronger,” Carney said he recognizes that these “are not necessarily the current objectives of the U.S. administration.”
“Their approach as changed, and so must ours,” he said, adding that Canada still remains open to making a trade deal “when the U.S. is ready to sit down in good faith.”
The announcement comes as workers at an Ontario-based steel manufacturing plant are facing imminent layoffs.
Stelco announced last month that pressure from U.S. tariffs forced it to concentrate steel production at its Lake Erie Works plant in Haldimand, and halt production at its plant in Hamilton. Some employees would be offered transfers, but many would be out of work.
A resolution of the standoff between the federal government and Stelco is a “question of days,” Industry Minister Melanie Joly said on Friday.
The federal government believes there have been “multiple breaches of the commitments” that Stelco made under the Investment Canada Act.
Stelco is facing financial penalties and “a potential forced divestiture,” which would force them to sell all their assets in Canada, Joly said.
Finance Minister Francois-Philippe Champagne said on Tuesday that the federal government would release its federal budget on Nov. 5, two days after the U.S. midterm elections.
Champagne announced the date during question period on Tuesday.
The budget will be second as Carney, who changed the schedule for how federal budgets are released by moving them from spring to fall.
Carney’s second budget date comes after the Parliamentary Budget Officer trimmed the 2026 and 2027 outlook for economic growth.
The PBO now projects gross domestic product growth of 0.9 per cent for this year and 1.5 per cent for 2027, down from 1.1 per cent and 1.6 per cent respectively.
–with files from Global’s Sean Previl
I’m so glad my money is going to industry but I get no return on the investment.
I’m sure it will all be wasted…
Does anybody else read posts by Anonymous I know I don’t!
And of course those subsidy dollars will come from Alberta since they currently have a budget surplus
Our country is failing. Students cannot find jobs, people cannot retire because of housing and life costs, we have record numbers of people having to use food banks, 5-10 people are sharing single apartments, put power bill goes up every year but we are never home, we are paying 100% more for fuel, our streets are full of bent over drug users, and, home invasions and car thefts are through the roof.
But people like Ben and Rich think we are doing well.
Lack of Action Man’s gotta plan?
Ben is an AI chatbot with an AI cucumber in its AI butt
I love to taste Carneys chocolate long just after he has been up my rectum.
@Ben. Only you are bring up Covid to deflect from Carney not getting it done
Total fail by Carney and Ford now offering EI for the lost jobs they didn’t protect. Elbows Up!
It’s hilarious how people are still bringing up Covid restrictions. Get over it! Looking forward to getting my Flu and Covid shots. Nirvana for me is when peer reviewed science, objective facts, and knowledgeable experts are in transcendence. Until then, I guess we have to listen to the noise of misinformation.
3 Stooges. Ford, Carney, and Ben.
9 billion for
Ontario and the rest of
The country can pay for it.
How about Carney address the situation and sign an agreement with our biggest trade partner something he promised at election time.
Complete failure by Carney and let’s face it Ford is on the same level.
@Rich
Correction !!!!
Canada was a great country prior to Trudeau & Carney
Rich
You are too rich
Canada is great country no thanks to Trudeau nor Carney
Sad all the Con troll boys actively hoping for Canada to fail. Canada is a great country that’s doing well because of Carney.
Glad they are helping retool steel plants to better serve the Canadian market.
Crumbling Europe is the happy group of countries that Carney wants to drag us into.
Anarchy, looting, arson, kids getting parts blown off with grenades.
Governments as far out of touch as it can be with the people, especially the young, and led by quislings like Macron.
No wonder Carney and Macron are good buddies. They are cut from the same klepto-socialist cloth, and reek of socio-economic rot.
A hard NO to joining the EU.
How much money are they going to skim this time ?
Carney needs a bullet or two in his skull.
Government (Taxpayers) paying steel workers to make steel that nobody wants. Sounds like Chairman Mao of China 1958 steel drive which was a core part of the Great Leap Forward of Communist China
Dumb and dumber. Lard Ford and Mark Clowney
Seriously, if you were hoping to tax the rich by increasing taxes on home purchases over $1 million, or people that earn more than $1 million, you are senile, or a completely useless fool that allows emotion to overtake intelligent thought and don’t know what rich means anymore.
Millionaires are THE new middle class and sinking fast because you do not see taxing millionaires as a direct attack on yourselves.
1% of $1 trillion is people earning $10+ million dollars.
Mark Carney may well be an Economist, but he’s a Banker for the Devil.
Oh, and all of his big contracts in his “buy Canada” lie, are foreign businesses and more than likely US companies, so congratulations – you failed humanity.
From Boomers children, their grand-children, their great-grandchildren, and likely a few more generations after that.
“Anonymous
October 21, 2026 at 3:12 pm
Where is Carney getting all this money to hand over to companies and workers for not being productive in their industries.”
See, the plan is, grease the wheels that grease the wheels that ends up with you off anyway, higher tax bill for it all, while they rake in profits as this entire show is a taxpayer funded insurance payout to the “owners of Canada”, as Carney put it, so the filthy sticking rich can recover the losses they suffered to save nobodies during Covid restrictions, while the populist governments that caused it all talk about taxing millionaires in a world that now has trillionaires.
One day, Alberta may regret not allowing a vote on separation. Sadly, people are scared of change. Two clowns have run this country for over 15 years. Caneys’ friends are all getting rich. The middle class is slowly disappearing. Since Carney has been our Prime Minister, what has changed for the better? NOTHING!!!! Food is getting more expensive, as are home and city taxes. Europe is going broke. So who is going to buy our products?
Carne / Ford A day late and a dollar short as usual. So typical and completely reactionary
Canada lost over 100,000 jobs in August/September. All because Carney want to go “Elbows Up” and refuses to negotiate a trade deal with the USA.
More money dying auto industry
Ring of Fire is laughable for last 15 years they are starting mining every year.
Why not first negotiate trade deal with US and with provinces that would help our economy. Subsidies to car companies and battery factories every year is foolish.
We are finally getting European system here where everyone needs subsidies and middle classes are taxed to death
18 months later. Absolutely no results by Carney except lost jobs and no trade deal.
“Action” any ring of fire work won’t help the laid off workers as the mines will take many years to get off the ground. Another gaffe by the Liberals by blocking resource project for basically 10 years.
@Anonymous 312 PM. Blah blah Brookfield blah blah Carney travelling. Cons are so predictable
Where is Carney getting all this money to hand over to companies and workers for not being productive in their industries. How long can Canada afford to keep handing over money and getting nothing in return but more debt. I thought Carney was this great businessman and banker I wonder if Brookfield financial affairs are run the way Carney is running Canadas finances if so how are they making a profit because Canada is going into more debt every time Carney opens his mouth. Wouldn’t it be easier just to go and deal with the tariffs like he promised in the election. Now he is leaving Canada again so he can’t be questioned on how he is going to afford all this money. Now he is spending taxpayers money to go to Turkey which will achieve nothing.
At least half will go to their consultant friends, no doubt.
What is happening with the inter provincial trade it would be great to have wine from the Niagara distract here in BC
I’ma gonna do this that and the other thing, yes siree Bob!( There’s a sucker born every minute)
The new CERB
There isnt 100k steel jobs now lol like how do you protect jobs that dont exist?
The full extent of Trudeau/Carney incompetence since 2015 is now on full display.
I dont believe what mark carney or doug ford say they both are corrupt
We dont believe anything what mark carney and doug ford say they are both are corrupted
Perhaps Carney should get a trade deal completed instead? Like he promised he would do by July 31, 2025.
Elbows Up is a foolish approach just because some here can’t stand Trump. How good will it feel when you lose your job. Economics must be before feelings and business. Just because you don’t like someone doesn’t mean you can’t do business with them. US is one of the largest markets in the world and right next to Canada.
Pants down, elbozos. King Trump will be nicer if you stop resisting just like he was with Epstein’s products.
Once again Canadian tax payers are on the hook for an issue created by the LPC. Yet their minions continue to swallow their tripe. I guess tax dollar funded media helps.
Lard Ford and Clowney have failed on their mandate to protect jobs in Canada. People want to work, not go on EI.
@Anon 11:46
Ben is obviously used as a metaphor for all those elbozos in Canada that blindly follow and support an obviously disastrous Carney led Liberal government.
@Anon 11:36
Ben is a metaphor for all those elbozos in Canada that blindly follow and support an obviously disastrous Carney led Liberal government.
Ben, so young, so naive. Tell us in ten years or more how it all turned out for you! When you’re looking back at all the promises that we’re kept. Some of us wore rose colored glasses long ago. We weren’t all grumpy, but sometimes what you see happening around you has a way of beating you down. p.s I really hope it turns out well, but my brain tells unfortunately low probability.
Anon aka Ben
No one would bed your wife .
@Roy 1144 AM. The right is so obsessed with Ben! Can’t debate him so attack his wife!
spending more of our unlimited supply of future tax dollars on a select few. Why is he not claiming money from the US for damages from the last illegal tariff? Why is he not in the lineup to get us money due from the current tariff? And why is no country suing Trump for the high cost of fuel because of his actions. – If he is not held accountable, he will never learn.
Carney ran on the platform of ‘I know how to deal with Trump”. Making us pay more is hardly what we had in mind.
@Anonymous 1131 AM. Ok, Ben is to blame for everything! You’ve got a problem.
Ben is the kind of guy that comes home and finds his wife in bed with another man and believes her when she tells him the guys doing a feasibility study on beds.
What happened to the elbows
@Ben Yet again your blind support for Carney shows just how little you understand about the damage Carney is doing to our economy and Canadian companies and workers. The Liberals have made our debt so bad that it takes $57 BILLION just to pay the interest on it this year. That is more than $1 billion EVERY WEEK that we taxpayers have to pay to service the Liberal debt. That means more than a billion dollars lost every week that could be spent helping struggling families. Your blind loyalty is the reason why the Liberals and Carney are destroying Canada and opportunities for our people to succeed. Your blind and stupid loyalty will end up making Canada a third world country.
@Ben 11am. Insufferable Ben, shut up! Leftist libbie! Nobody wants to hear you
Carney as usual will make an announcement then scuttle out of the country before he can be challenged or questioned on it. The guy is a fraud and, just like his buddy Trudeau, a coward when it comes to facing legitimate questions
There is only one true way to support Canadian workers and that is to get a deal done with the USA and open up our biggest trading opportunity that is more than 75% of our trading base.
Carney is leaving the country again. More taxpayers money being spent on trips that actually achieve nothing. Companies going broke and Canadians losing jobs because they cannot sell their products and what is Carney doing throwing money at these companies and workers because he won’t fix the problem of the tariffs and then going traveling again this time to Turkey. Companies and workers don’t want handouts their want to sell their products.
Is that the only answer Carney has is to throw money at these companies and workers because they can’t sell their products. This is happening all because Carney won’t get a deal over the tariffs. Canada cannot afford to support these people and companies for long People need good paying jobs not handouts and companies need to make money selling their products or they will go elsewhere to find business. How many more Canadians have to lose their jobs or companies closing or moving to do business before Carney does something constructive and permanent about these tariffs.
What ever it is you know it will enrich is billionaire CEOs (On temp leave on secondment as PM of Canada) company and his stock options
DERP!
Excellent. We shall not give in to the Trump administration on this trade war. Canada’s future will be determined in Canada by Canadians, not in Washington by Americans.