# Canada and Ontario Launch C$8.7 Billion Industrial Aid

> Canada's federal and Ontario governments announce C$8.7 billion aid to protect steel, auto and critical minerals sectors from U.S. tariffs.
- Title: Canada and Ontario Launch C$8.7 Billion Industrial Aid
- Summary: Canada's federal and Ontario governments announce C$8.7 billion aid to protect steel, auto and critical minerals sectors from U.S. tariffs. Canada and…
- Keywords: canada, ontario, mark carney, doug ford, us tariffs, steel industry, auto manufacturing, critical minerals, ring of fire, finance, markets, Launch
- Source: BigGo Finance — https://finance.biggo.com/news/826ea9f6-15cd-431c-acff-e7771f7abf57
- Author: BigGo Finance
- Published: 2026-10-22T00:35:16+00:00
- Read time: 1 min
- Topics: canada, ontario, mark carney, doug ford, us tariffs, steel industry, auto manufacturing, critical minerals, ring of fire, finance, markets
## Announcement
Canadian Prime Minister Mark Carney and Ontario Premier Doug Ford jointly announced a C$8.7 billion strategic industrial aid package on October 21.
## Steel Aid
The Steel Action Fund provides C$5.2 billion over five years to help steelmakers diversify products and reduce auto sector reliance.
## Auto Sector Support
C$2.5 billion allocated to upgrade auto production lines for rising electric-vehicle demand.
## Critical Minerals
C$1 billion for critical minerals infrastructure in northern Ontario's Ring of Fire region.
## Job Preservation
The plan could preserve roughly 100,000 steel industry jobs and strengthen Canada-U.S. economic ties.
## Permanent Relations
Ford stated Canada-U.S. relations have changed permanently: 'No matter what happens in the midterms, we are not going back to the way things were'.

> No matter what happens in the midterms, no matter who is in the White House, we are not going back to the way things were, and we have to plan accordingly
## Stelco Pressure
Stelco faces layoffs as it struggles with trade crisis, weak demand and import pressure.
## Key takeaway

Canada and Ontario jointly launched a C$8.7 billion industrial aid package to support steel, auto and critical minerals industries hit by U.S. tariffs.