Sisi Chan

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

The scenario: The head of Canada’s steel industry association has expressed disappointment in Prime Minister Mark Carney’s bundle of measures aimed at boosting the domestic market amidst growing U.S. tariffs.

Carney has announced steps to assist steel and lumber producers to find new markets within Canada. The measures include imposing tighter quotas on foreign steel and decreasing freight rates for materials.

The response: Catherine Cobden, CEO of the Canadian Steel Producers Association, has stated that although the new measures may not completely offset the lost access to the U.S. market, they do signify a positive development for the industry.

The industry has, however, expressed disappointment at Canada’s decision to extend its remission program, a move that seemingly dilutes Ottawa’s retaliatory tariffs on U.S. steel.

Despite this, Cobden commits to holding the federal government to its pledge. After Carney promised that the remission program would conclude at the end of January, Cobden seeks assurance that this timeline will be honoured.