Triple M Metal LP of Sault Ste. Marie is getting $1 million in provincial backing to fund an expansion.
The metal-recycling business received a $500,000 loan and a $500,000 grant to purchase new equipment, including an automobile shredder, which was installed last fall. The investments will enable Triple M to produce clean, high-density metal with reduced energy consumption at optimum tonnage, as well as eliminate the transportation costs currently being incurred in having shredding done in Southern Ontario.
The funding comes through the NOHFC Enterprise North Job Creation Program. The project will allow the company to retain 15 employees and add five new positions.
“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,” Triple M president Joe Caruso said in a news release.
“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.”
