The plan proposes amendments to the city's procurement bylaw, including awarding contracts for construction work worth under $8.8 million exclusively to Canadian companies.

The company will collect nearly $1.5 million from the federal government to electrify aspects of its operations and reduce GHG emissions.

Proceeds from the transaction will go toward paying down debt, funding small- and medium-sized acquisitions and returning capital to shareholders.

The move comes as Canada's steel industry starts laying off workers in anticipation of production slowdowns.

CEO Michael Garcia says his company is also in the midst of "aggressive" cost cuts as it copes with uncertainty from the ongoing trade war.