A New Liskeard foundry will be able to expand and grow its market share thanks to a federal funding package of more than $3.2 million.
Wabi Iron & Steel Corp. is receiving $3,250,000 from FedNor's Regional Economic Growth Through Innovation Fund, which was announced on Jan. 28.
“We are excited that FedNor is stepping up to make this historic investment in the future of Wabi Iron & Steel,” Wabi's president, Darryl Gutscher, said in a news release.
“The expansion of the foundry will help us take our business to the next level, create local jobs and position us for another 100 years of success.”
Incorporated in 1907, Wabi owns and operates the only foundry of its kind in Northern Ontario.
It offers a range of services, including alloy development, casting geometry, design, prototyping, casting and finishing.
Wabi additionally operates a mine equipment division, which designs and manufactures material handling solutions for underground mining, such as skips, rail cars, and mine personnel cages.
The company ships its products to clients in Canada, the United States, Mexico and South America.
The funding supplied by FedNor will enable Wabi to purchase specialized energy-efficient equipment for the foundry, produce larger products, and increase production and market share, according to the release.
This boost is expected to result in the creation of 43 new jobs, with revenue anticipated to triple by 2027.
The federal government sees the investment as an essential piece in the province's production of critical minerals needed in the creation of battery electric vehicles.
“This funding will help Wabi Iron & Steel grow their business and support the evolution of Northern Ontario’s mining and critical minerals sectors for years to come,” Nipissing–Timiskaming MP Anthony Rota said in the release.
“As the only foundry in Northern Ontario, Wabi offers an essential service while being a major employer in Nipissing–Timiskaming. Helping Wabi grow and expand means 43 new jobs and new opportunities in Northern Ontario.”
Wabi has previously received both provincial and federal funding toward its expansion, including $400,000 from the province last March and $309,100 from FedNor in 2023.
