The most important economic activity in Ontario
is manufacturing, and the Toronto–Hamilton region is the most highly
industrialized section of the country. The area from Oshawa, Ontario around the
west end of Lake Ontario to Niagara Falls, with Hamilton at its centre, is known
as the Golden Horseshoe and has a population of approximately 8.1 million
people. The phrase was first used by Westinghouse President, Herbert H. Rogge,
in a speech to the Hamilton Chamber of Commerce, on January 12, 1954. "Hamilton
in 50 years will be the forward cleat in a golden horseshoe of industrial
development from Oshawa to the Niagara River...150 miles long and 50 miles (80
km) wide...It will run from Niagara Falls on the south to about Oshawa on the
north and take in numerous cities and towns already there, including Hamilton
and Toronto."
With sixty percent of Canada's steel being produced in Hamilton by Stelco and
Dofasco, the city has become known as the Steel Capital of Canada. After nearly
declaring bankruptcy, Stelco returned to profitability in 2004 and on August 26,
2007 United States Steel Corporation acquired Stelco for $38.50 (Canadian) in
cash per share, owning more than 76 percent of Stelco's outstanding shares.
Dofasco, in 1999, was the most profitable steel producer in North America and in
2000, the most profitable in Canada. It currently has approximately 7,300
employees at its Hamilton plant and produces over four million tons of steel
annually, representing about 30% of Canada's flat rolled sheet steel shipments.
Dofasco is one of North America's most profitable steel companies, and Dofasco
was named to the Dow Jones Sustainability World Index in 2006 for the seventh
year in a row. Dofasco produces steel products for the automotive, construction,
energy, manufacturing, pipe and tube, appliance, packaging and steel
distribution industries. Dofasco is currently a stand alone subsidiary of
Arcelor Mittal, the world's largest steel producer. Previously ordered by the
U.S. Department of Justice to divest itself of the Canadian company, Arcelor
Mittal has now been allowed to retain Dofasco provided it sells several of its
American assets instead.
Originally, in the 1940s, the John C. Munro Hamilton International Airport was
used as a wartime air force training station. Today TradePort International
Corporation manages and operates the John C. Munro Hamilton International
Airport. Under TradePort management, passenger traffic at the Hamilton terminal
has increased from 90,000 in 1996 to approximately 900,000 in 2002. The
airport's mid-term target for growth in its passenger service is five million
air travelers annually. The air cargo sector of the airport has 24-7 operational
capability and strategic geographic location, allowing its capacity to increase
by 50% since 1996; 91,000 metric tonnes (100,000 tons) of cargo passed through
the airport in 2002. Courier companies with operations at the airport include
United Parcel Service and Cargojet Canada. In 2003, the city began developing a
30-year growth management strategy which called, in part, for a massive
aerotropolis industrial park centred around Hamilton Airport. The aerotropolis
proposal, now known as the Airport Employment Growth District, is touted as a
solution to the city's shortage of employment lands. Hamilton turned over
operation of the airport to TradePort International Corp. in 1996. In 2007, YVR
Airport Services (YVRAS), which runs the Vancouver International Airport, took
over 100 per cent ownership of TradePort in a $13-million deal. The airport is
also home to the Canadian Warplane Heritage Museum.
A report by Hemson Consulting identified an opportunity to develop 1,000
hectares (2,500 acres) of greenfields (the size of the Royal Botanical Gardens)
that could generate an estimated 90,000 jobs by 2031. A proposed aerotropolis
industrial park at Highway 6 and 403, has been debated at City Hall for years.
Opponents feel the city needs to do more investigation about the cost to
taxpayers before embarking on the project.