Sisi Chan

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

A recent announcement by Prime Minister Mark Carney has evoked a lukewarm response from Canada’s steel industry. There is a sense of disappointment concerning the government’s measures to bolster the domestic market amidst U.S. tariffs.

In an attempt to provide relief, Prime Minister Carney extended support to Canada’s lumber and steel sectors. This assistance includes tightened quotas on foreign steel entering Canada and plans to decrease freight rates for materials crossing provincial borders by rail.

Catherine Cobden, the CEO of the Canadian Steel Producers Association, has praised the measures as a step in the right direction. However, she believes that they will not fully compensate for the loss of access to the U.S. market. This highlights an industry in desperate need of relief.

Furthermore, Cobden has expressed disappointment over Ottawa’s decision to extend Canada’s remission program for some steel importers a second time. She feels this move undermines Ottawa’s retaliatory tariffs on U.S. steel.

Pressure continues to build as Cobden intends to hold the federal government accountable for its stated end of the remission program in January, which is more than three months past its original deadline.