Sisi Chan

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

Introduction: Canada’s steel industry association has shown approval for a package of new measures initiated by Prime Minister Mark Carney, though disappointment has also been expressed with one of these measures.

New Measures: Key features of the PM’s new measures include stricter restrictions on foreign steel entering Canada, and reductions in freight rates for materials transported by rail across provincial borders.

CEO’s Statement: Catherine Cobden, the CEO of the Canadian Steel Producers Association, has commented these measures don’t completely account for lost access to the U.S. market. However, they’re lauded as a stride towards a solution.

Industry’s Disappointment: One primary concern stems from the extension of Canada’s remission program for some steel importers. This action could potentially weaken Ottawa’s retaliatory tariffs on U.S. steel.

Upcoming Challenges: Cobden emphasises holding the government accountable for their promises and sheds light on the nearing end of the remission program in January.