Sisi Chan

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

The head of Canada’s steel industry association conveyed ambivalent sentiments about the measures put in place by Prime Minister Mark Carney to counter the U.S tariffs impact.

The newly announced measures aim to assist steel and lumber producers in Canada. These comprise tighter quotas on foreign steel and a reduction in freight rates for materials crossing provincial borders.

The big picture: Catherine Cobden, the CEO of the Canadian Steel Producers Association, voiced her views on the measures, saying that while they’re a step in the right direction, they won’t completely cover the loss from limited access to the U.S. market.

In addition, Cobden expressed her discontent over Ottawa’s decision to lengthen the country’s remission program for some steel importers, which might dilute the impact of retaliatory tariffs on U.S. steel.

Following Carney’s assurance that the remission program will culminate in January, three months past the initially set deadline, Cobden has certain expectations of the federal government’s next course of action.