Sisi Chan

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

Prime Minister Mark Carney recently implemented a number of measures aimed at bolstering the domestic market. However, these were met with mixed responses from the Canadian Steel Producers Association.

Details on Carney’s measures:

Carney put forth new measures to assist Canadian steel and lumber producers in finding newer markets within Canada. The measures imposed stricter quotas on foreign steel entering Canada and pledged a reduction in freight rates for materials transported across provincial borders by rail.

Catherine Cobden, CEO of Canadian Steel Producers Association, reacts: Cobden views these measures as positive yet asserts that they do not fully compensate for the loss of access to the U.S. market.

Responses to Ottawa’s extended remission program: The steel industry voiced disappointment when Ottawa announced a second extension to the remission program for certain steel importers in critical industries. This move is seen to weaken Ottawa’s retaliatory tariffs on U.S. steel.

Closure of the remission program: Despite the delay, Cobden hopes to see the federal government uphold its promise of closing the remission program by the end of January.