Sisi Chan

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

The Canadian steel industry is under significant transformation. New measures, announced by Prime Minister Mark Carney, have elicited reactions across the sector.

These changes aim to strengthen the industry, with a focus on supporting domestic production capabilities.

The big picture:

Key to these reforms are tighter quotas on foreign steel and the reduction of freight rates, effective immediately. This move is expected to boost local steel production, offering competitive market advantages for the industry.

Catherine Cobden, CEO of the Canadian Steel Producers Association, hails the new measures but emphasizes that further action is required to fully safeguard the sector.

The federal government has demonstrated its commitment to the steel industry, but Cobden urges sustained attention to prevent market disruption caused by global overcapacity and distorted trade flows.

While acknowledging these initial steps, she calls for a comprehensive industry strategy to protect the sector’s long-term sustainability.