Sisi Chan

Steel sector praises new tariff measures, but says more needs to be done

Canada’s steel industry gave a mixed response to a series of measures recently introduced by Prime Minister Mark Carney, aimed at bolstering resilience to U.S. tariffs.

On the table: Prime Minister Carney’s latest measures involve aiding steel and lumber manufacturers to pinpoint new domestic markets. The measures include strict quotas on overseas steel imports and reduced freight rates for in-province materials transport by rail.

According to Catherine Cobden, CEO of the Canadian Steel Producers Association, these measures, although beneficial, might fail to cover entirely the loss from the dwindled access to the U.S. market.

Sticking points: Steel sector expressed discontentment over Ottawa government’s second extension of the remission program. This program grants certain benefits to steel importers in vital industries, which, in the industry’s view, weakens the retaliatory tariffs on U.S. steel.

Cobden underscores her intent to hold the federal government accountable as the remission program concludes at January end, as affirmed by PM Carney.