Sisi Chan

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

Recent measures have been put forth by Canadian Prime Minister Mark Carney to uplift Canada’s domestic steel sector in response to U.S. tariffs. However, Canada’s steel leaders hold mixed opinions on these initiatives.

In his effort to provide relief, PM Carney is attempting to establish fresh markets for steel and lumber producers within Canada. Initiatives include enforcing tighter quotas on foreign steel and spurring the local market through reduced freight rates.

Catherine Cobden, CEO of the Canadian Steel Producers Association, voiced her concerns over Carney’s measures. While they may not entirely offset the loss from the U.S. market, she views this as a progressive move towards alleviating the struggling industry.

However, Cobden expressed disappointment with Ottawa’s second extension of the remission program for critical industry steel importers. According to her, this extension weakens Ottawa’s retaliatory tariffs on U.S. steel.

Concluding her opinion, Cobden expressed hope that the federal government will keep their promise and discontinue the remission program at the end of January, despite it being a later deadline than initially projected.