Ontario agency offers financial assistance to Triple M Metal.
The Northern Ontario Heritage Fund Corp. (NOHFC), Sault Ste. Marie, Ontario, Canada, has announced plans to provide $1 million to metals recycling company Triple M Metals to assist in the company’s expansion project.
David Orazietti, a member of the Canadian Provincial Parliament for Sault Ste. Marie, says the money, which will include a loan of $500,000 and $500,000 grant, will be used toward purchasing new equipment, including an auto shredder for a Triple M Metals facility in Sault Ste. Marie.
“We are providing provincial funding to Triple M Metal through the NOHFC to support the expansion of a local business that is upgrading its equipment in order to increase competitiveness and create local jobs,” Orazietti says. “Boosting economic opportunities in Northern Ontario is a top priority for our government, and we are ensuring the $100 million NOHFC fund is protected in the 2013 budget in order to help entrepreneurs and businesses of all sizes,” he adds.
“Triple M Metal LP is very excited about the start-up of our new, state-of-the-art automobile shredder at our Sault Ste. Marie facility,” says Joe Caruso, president of Brampton, Ontario-based Triple M Metal LP. “In addition to providing up to five new positions, the installation has provided work for various local contractors. The new shredder enables Triple M to locally process scrap material originating in the North, and provide much needed raw material for the production of new steel.”
The auto shredder is expected to cost around $4 million. Triple M operates 16 facilities, including 12 sites in Ontario.