Sisi Chan

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

The head of Canada’s steel industry association has shown cautious optimism towards the new supportive measures for the domestic steel market introduced by Prime Minister Mark Carney, notably aimed at countering U.S. tariffs.

Carney’s assistance to steel and lumber producers includes stricter quotas on foreign steel imports and lowering freight rates for interprovincial transport.

Yet, Catherine Cobden, CEO of the Canadian Steel Producers Association, points out that these measures may not fully offset the loss resulting from diminished access to the U.S. market. However, she acknowledges them as significant steps towards providing the much-needed relief for the industry.

There is dissatisfaction in the sector due to Ottawa’s decision to extend the remission program for certain steel importers, thereby weakening the retaliatory tariffs against U.S. steel. Cobden calls on the federal government to keep its promise.

The CEO holds the government accountable for prolonging the remission program to the end of January, which is more than three months past the original deadline, following Mark Carney’s pledge.