MP Anthony Rota has announced a loan of $309,100 from FedNor in two projects led by Wabi Iron & Steel Corp. which operates the only smelter located in Northern Ontario.
Wabi is receiving an unconditionally repayable contribution of $294,100 to improve and modernize its manufacturing processes, purchase new equipment, and renovate its facilities. FedNor is also providing another non-repayable contribution of $15,000 to help Wabi complete an operational assessment, which will allow the company to identify and plan opportunities for potential growth.
Just two years ago, a government loan of $410,250 helped Wabi modernize its operations, scale up, and create eight jobs in Temiskaming Shores
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"In addition to the maintenance and growth of an existing business, the expected benefits of these loans include the maintenance of 11 jobs and the creation of 14 new positions, increased exports, modernization, and improved efficiency as well as the creation of two essential planning documents," says a news release from Rota.
“Wabi Iron & Steel is an important partner in the mining sector in northern Ontario," says Rota. "The only foundry in Northern Ontario, Wabi provides an essential service while being a major employer in the Nipissing-Timiskaming region.
"These funds will help us expand our product line and take advantage of the opportunities available to us while remaining a historic industry partner.," added Jeremy Birnie, Owner of Wabi Iron & Steel Corp.
Wabi Iron & Steel Corp. is a leading manufacturer of loading and conveying systems for the mining industry and one of North America's largest producers of general-purpose, abrasion-resistant iron and steel castings. Wabi's products are shipped to customers in Canada and the United States, as well as Mexico and South America.
