Sisi Chan

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

The chief of Canada’s steel industry acknowledges the new tariff measures but emphasizes the need for further support. The industry, particularly impacted by international tariffs, is optimistic but cautious.

The new support measures: Carney, addressing the industry needs, has declared tighter quotas on foreign steel and lowered freight rates for intra-provincial rail transports of raw materials. These measures aim to bolster the domestic steel industry.

Catherine Cobden, CEO of the Canadian Steel Producers Association, appreciates the measures but voices her concerns. While they’re a step in the right direction, Cobden fears they may not adequately compensate for the U.S market loss.

Cobden criticizes Ottawa’s extension of Canada’s remission program, arguing it weakens the impact of the retaliatory tariffs on U.S. steel. This, she claims, negatively affects the domestic steel sector’s competitiveness and profitability.

The federal government is expected to deliver more resolutions to these issues. Cobden waits optimistically, while Carney promises to wrap up the remission program by the end of January.

Find more related topics and videos on Canada’s steel sector on Global News’s site.