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Albany steel company receives government loan for new parts shop

Kirk McKinnon, left, MacDougall Steel Erectors chief financial officer, and Economic Growth Minister Matthew MacKay, outside that company’s Albany facility. MacDougall Steel announced Thursday it is moving to establish its own parts manufacturing facilities.
Kirk MacKinnon, left, MacDougall Steel Erectors chief financial officer, and Economic Growth Minister Matthew MacKay, outside that company’s Albany facility. MacDougall Steel announced Thursday it is moving to establish its own parts manufacturing facilities. - Contributed

ALBANY – MacDougall Steel Erectors of Albany has announced an expansion which will allow it to build and machine its own parts.

The new capacity will allow the company to build parts and components it would have otherwise had to buy, said Kirk MacKinnon, its chief financial officer.

“This kind of vertical integration will put MacDougall Steel Erectors in a better position to continue to be successful employer and manufacturer over the long term, and we thank the federal and provincial governments for their support.”

The project is getting some significant taxpayer assistance as well.

The company will receive a $750,000 loan from the P.E.I. Century Fund and the Government of Canada is providing a $350,000 investment for new equipment under the Regional Economic Growth through Innovation (REGI) Steel 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 Minister Matthew MacKay.

“This project supports MacDougall Steel Erectors continued efforts to be more efficient and reduce overhead, which will put the company in a more enviable position into the future.”

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