Sisi Chan

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

Prime Minister Mark Carney declared new measures on Wednesday aimed at assisting steel and lumber producers locate new markets within Canada. The policy involves tightening quotas on foreign steel entry and commits to lowering freight rates for materials crossing provincial borders.

Catherine Cobden, CEO of Canadian Steel Producers Association, noted: while these measures can’t fully compensate the US market loss, they symbolize a step towards supporting an industry severely needing relief.

However, Cobden showed disappointment when Ottawa revealed a second extension for the remission program, benefitting some steel importers. This weakens Ottawa’s retaliatory tariffs on U.S. steel.

Additionally, Cobden plans to hold the federal government responsible after Carney assured the conclusion of the remission program by the end of January. A delay over three months past the original deadline.