MacDougall Steel Erectors receiving $1.1M from feds and province

A P.E.I. steel company is receiving a total of $1.1 million from the federal and provincial governments.

MacDougall Steel Erectors is the province's largest steel manufacturer and the money will help the company become more efficient and reduce third party purchasing of critical parts and components, officials with the P.E.I. government said in a news release.

"This will allow our company to build our own parts, many of which would otherwise have to be purchased elsewhere at a higher cost to serve our needs," CFO Kirk MacKinnon said in the release.

MacKinnon said the money will better position the company to be an employer and manufacturer over the long term.

MSE will receive a $750,000 loan from the P.E.I. Century Fund to support the project and the federal government is giving a $350,000 grant for new equipment under the Regional Economic Growth through InnovationSteel and Aluminum Initiative.

"It is vital that the province use its loan portfolio to support the growth and improvement of businesses across Prince Edward Island," said Economic Growth, Tourism and Culture Minister Matthew MacKay said in the release.

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