Sisi Chan

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

The head of Canada’s steel industry association conveyed mixed feelings about Prime Minister Mark Carney’s latest measures aimed at bolstering the domestic market in face of U.S. tariffs. However, certain aspects of the policy package fell short of expectations.

Carney announced new initiatives to aid steel and lumber producers in finding new domestic markets. The plans include stricter quotas on foreign steel imports into Canada and a pledge to decrease freight rates for materials transiting provincial borders via rail.

Catherine Cobden, CEO of the Canadian Steel Producers Association, indicated these measures may not completely offset the loss from the U.S. market. Nonetheless, it’s an encouraging step for an industry in need of assistance.

The industry expressed discontent when Ottawa announced an extension to Canada’s remission program for select steel importers in critical sectors. This move undermines Ottawa’s retaliatory tariffs on U.S. steel.

Cobden has plans to hold the federal government responsible following Carney’s assurance that the remission program would conclude in January, a delay of over three months past the original deadline.