Sisi Chan

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

The Canadian steel industry has given a mixed response to the recent tariff measures package unveiled by Prime Minister Mark Carney. However, disappointment over certain aspects of these measures has also been voiced by industry leaders.

The big picture:

Prime Minister Mark Carney announced a series of measures intended to bolster the domestic steel and lumber markets. These include tighter quotas on foreign steel and reduced freight rates on materials crossing provincial borders. Despite this, discontent is brewing among some industry members.

Catherine Cobden, the CEO of the Canadian Steel Producers Association, opined that while these measures wouldn’t entirely compensate for the loss of the U.S. market, they do provide some level of relief.

An additional sticking point for the industry has been the second extension of Canada’s remission program for certain steel importers. Cobden criticized this move, claiming it weakens Ottawa’s counter tariffs on U.S. steel.

Looking ahead, Cobden hopes that the remission program will draw to a close by January as pledged by Carney. The steel industry now waits in anticipation for the federal government’s next move.