Niik Steel was selected as a recipient of a significant investment through the Manufacturing Jobs Fund, delivered by the Ministry of Jobs, Economic Development and Innovation.
NANAIMO – Niik Steel has received $900,000 in provincial funding to build a new building, and expand their existing facility at Duke Point to help streamline production.
The expansion will allow them to triple the amount of steel it fabricates and hire up to 26 more workers. The provincial money will lead to a total capital investment of $5 million.
Niik Steel will also buy new automated and advanced equipment to reduce production bottlenecks and improve efficiency. This will allow the company to take on larger and more complex projects and help meet growing demand.
“Niik Steel’s investment in advanced fabrication capacity will create high-skill jobs in the region and shorten supply chains for British Columbia infrastructure projects,” says Niik Steel President Amir Jamshidi. “Support from the Manufacturing Jobs Fund accelerates our expansion and anchors critical steel fabrication in the province, supporting resilient, low-carbon construction and long-term growth in B.C.’s manufacturing sector and responsive supply chain.”
The injection of cash comes from the B.C. Manufacturing Jobs Fund, which supports high-value industrial projects in all regions of the province, helping companies modernize. Over $1.2 billion is being invested in 156 capital projects funded through the fund, with as much as $154 million in provincial funding committed so far, creating more than 2,100 jobs.
During the construction phase of these projects and in their first few years of expanded operations, the fund is expected to generate $17 billion in new economic activity, nearly $7 billion to B.C.’s gross domestic product, and $714 million in provincial revenue.
“This investment strengthens Nanaimo’s position in B.C.’s manufacturing economy by helping our local company expand production capacity and compete for larger projects,” says George Anderson, MLA for Nanaimo-Lantzville. “Supporting Niik Steel means more value-added work is done here at home, strengthening local supply chains and generating long-term economic benefits for our region. This growth will help create stable jobs and contribute to a more resilient and diversified Vancouver Island economy.”
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