Sisi Chan

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

The Prime Minister Mark Carney’s new tariff measures for the Canadian steel industry, facing losses due to U.S. tariffs, have been met with a mixed response. Although the steel producers are generally favourable towards the tighter foreign steel import quotas and reduction of freight rates, reservations about Ottawa’s extension of the remission program for some steel importers persist.

The head of the steel industry association in Canada acknowledged the government’s relief measures but expressed disappointment over Ottawa’s continued remission program.

Carney’s measures include a reduction in the number of foreign steel imports allowed into Canada, and lower freight rates for transporting materials domestically. The industry has been struggling, in part due to tariffs from the U.S., and these measures aim to alleviate some of the pressure.

Canadian Steel Producers Association CEO, Catherine Cobden, responded to the new measures stating that while they won’t fully compensate for the loss of access to the U.S. market, they’re a step in the right direction. However, she too expressed her disappointment about the extension of the remission program.

The remission program is set to end in January after an extension of three months from the original deadline.