Sisi Chan

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

Canada’s steel industry and Prime Minister Mark Carney have been in the spotlight, as a recent tariff package fails to fully satisfy industry expectations.

The new measures: Announced by Carney, intend to aid steel and lumber producers to find new markets within the Canadian economy, signifying a shift in market policy.

Key actions include tighter quotas on foreign steel entering Canada and lower freight rates for materials crossing provincial borders by rail.

Catherine Cobden, the CEO of the Canadian Steel Producers Association, viewed the measures positively but expressed her concern over the industry’s access to the coveted U.S. market.

She voiced a notable disappointment regarding Ottawa’s second extension for Canada’s remission program for certain steel importers. This action has diluted the effect of Ottawa’s retaliatory tariffs on U.S. steel.

Government Accountability: Cobden vowed to hold the federal government responsible for the remission program’s termination set at the end of January.