Canadian pipe maker Canadoil has formed a new venture, US Forged Rings (USFR), as a vehicle for a $700m investment in a tower manufacturing facility and steel forging plant to feed the growing Northeast offshore wind sector, “filling a critical supply chain gap”, the company said.

The investment “was spurred by our confidence in the medium and long-term prospects of the US market, which is in its early phases of development and needs a local supply chain to rely on,” said Giacomo Sozzi, president of USFR.