Sisi Chan

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

The head of Canada’s steel industry association expressed partial dissatisfaction with Prime Minister Mark Carney’s measures aimed at fortifying the domestic market in response to U.S. tariffs.

Carney announced new measures Wednesday

Significant shift: Carney’s introduced measures intend to aid steel and lumber producers explore new markets in Canada. This includes imposing tighter quotas on foreign steel and decreased freight rates.

Catherine Cobden, the CEO of the Canadian Steel Producers Association, conveyed that the measures may not wholly counterbalance the loss of access to the U.S. market. However, she recognized these initiatives as progress.

Cobden also voiced her discontent with Ottawa’s pronouncement of a second extension to Canada’s remission program for some steel importers, contending it weakens the retaliatory tariffs on U.S. steel implemented by Ottawa.

Government watch: Cobden plans to ensure the federal government fulfills its pledge to wrap up the remission program at the end of January, a delay from the initial deadline.