Breaking: $60 million investment in Essar Steel Algoma

SooToday has learned the provincial government will be announcing a major investment in Essar Steel Algoma Friday.

The province will provide a $30 million grant for a major modernization plan for the steel plant.

The province's grant is the largest made by any level of government toward the Sault's largest employer since the Second World War.

According to the Sault Star, the federal government will provide $30 million to Essar Steel Algoma in the form of a repayable loan for the modernization plan.

Essar Steel Algoma will be investing $180 million toward the $240 million modernization plan, which will be carried out over the next several years.

It includes a restart of the No. 6 blast furnace, modernization of facilities, ramping up production and reduction of costs.

Sault MP Bryan Hayes will be accompanied at Friday's announcement at Essar Steel Algoma by Gary Goodyear, Minister of State for the federal economic agency for Southern Ontario, while Sault MPP David Orazietti will be accompanied by Michael Gravelle, Minister of Northern Development and Mines.

SooToday will provide additional coverage of this story Friday.