ONTARIO SECURES NEW JOBS FOR THE NORTH

Investment Update – February 2006
Toronto, Ontario

ONTARIO SECURES NEW JOBS FOR THE NORTH

Over $35 Million Algoma-SIAG Investment Brings Innovative Technology and Secures High Value Jobs

ONTARIO — The Government of Ontario is bringing high value, highly skilled jobs for the people of Sault Ste. Marie by investing in SIAG Great Lakes LP, Economic Development and Trade Minister Joseph Cordiano and Northern Development and Mines Minister Rick Bartolucci announced today.

“Our government recognizes this strategic investment is crucial to create new jobs for the people of Sault Ste. Marie and keep the surrounding region strong and competitive,” said Cordiano. “We’re committed to bringing high tech jobs to Northern communities, and ensure our workforce is prepared to compete in a very competitive global marketplace.”

SIAG Great Lakes LP, a more than $35 million joint venture between Algoma Steel Inc. and German-based SIAG, will create approximately 140 new high value, high skilled jobs. The state of the art facility will manufacture steel wind towers using SIAG’s innovative technology. Wind, as an alternate source of power, is playing an increasingly important role in the future of Ontario’s renewable energy sector.

Ontario’s commitment to SIAG Great Lakes LP is part of the province’s Northern Prosperity Plan, announced in the 2004 Budget.

“Our Northern Prosperity Plan is bringing change that will make Northern Ontario healthy and prosperous,” said Bartolucci. “Our GO North Investor Program is working with the Northern Ontario Heritage Fund Corporation to foster economic well-being by stimulating permanent full-time jobs in the North.”

Ontario’s commitment to SIAG Great Lakes LP will be in the form of:

A one time conditional grant of $1.75 million
A $3 million loan from the Northern Ontario Heritage Fund Corporation.

The Northern Prosperity Plan is a range of targeted initiatives aimed at stimulating growth, job creation and a better quality of life for Northern Ontario. The plan is based on four pillars: Strengthening the North and its communities; Listening to and Serving Northerners Better; Competing Globally; and Providing New Opportunities for All.

The Northern Prosperity Plan is the government’s plan to promote a strong, vibrant Northern Ontario. “The government is working hard to make sure the people of our province - from North to South, and East to West, enjoy prosperity for years to come,” said Cordiano.

Contacts Presse :

For France and UK :
IRIS CONSEIL
Christine Arnal
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