Sisi Chan

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

Initial response: The Canadian steel industry, despite acknowledging the domestic market boost due to Prime Minister Mark Carney’s new tariff measures, expresses a sense of disappointment.

Carney’s Actions: Recently, Carney announced measures including tighter quotas on foreign steel and reduced freight rates for interstate transport, aiming to bolster the steel and lumber industry in Canada.

The Industry Voice: Catherine Cobden, CEO of the Canadian Steel Producers Association, accepts these measures as a step in the right direction. However, Cobden maintains that they won’t fully compensate for the loss incurred from the U.S. market.

Industry’s dissatisfaction: The steel industry expressed disapproval due to Ottawa’s second extension to Canada’s remission program for some steel importers. This extension is seen as a dilution of retaliatory tariffs on U.S. steel.

Leading the Charge: Cobden has voiced her plans to hold the federal government accountable to conclude the remission program by the end of January.