Recently, there have been a number of major advancements in traditional and new industries in Sault Ste. Marie.  Algoma Steel Inc., for example, was purchased by Essar Steel Holdings of India in June 2008.  Essar is expected to invest $500 million in upgrades and expansion, bringing annual production to four-million tons per year.

 

Developments have also been made at Pollard Banknote Ltd., which signed a 10-year contract with Ontario Lottery and Gaming to print instant lottery tickets in Sault Ste. Marie.  A number of other local businesses are expanding as well.

 

Making up a large portion of its economy, small business is also important for Sault Ste. Marie.  Thus, it is important to give them the support they need to prosper.

 

Small business development was one of Destiny’s original goals.  Destiny SSM has since changed its focus to larger businesses, reducing overlap with other agencies.  In its strategic role, the organization does not undertake initiatives to solely improve the prospects of small businesses in the community.  However, many of the strategies developed by Destiny and its partners have a positive effect on small businesses in Sault Ste. Marie.  Destiny SSM worked to complete the Small Business Agency memorandum of understanding between the Chamber of Commerce, SSM Economic Development Corporation, Community Development Corporation, SSM Innovation Centre and science enterprise Algoma (seA).  

Destiny SSM has also worked to merge the SSM Innovation Centre, seA and Upper Lakes Environmental Research Network into a new organization that will focus on science and technology research.  Commercialization will be launched later this year.