Sisi Chan

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

The head of Canada’s steel association expressed disappointment in Prime Minister Mark Carney’s new measures to boost the domestic market, praising the attempts made against U.S. tariffs but stressing the need for more proactive steps.

Carney declared new measures on Wednesday, targeting assistance for steel and lumber producers in finding new markets inside Canada’s boundaries.

Outlined measures involve tightening quotas on foreign steel entering Canada and a pledge to reduce freight rates for materials transported across provinces.

Catherine Cobden, CEO of the Canadian steel association, while acknowledging that the measures might not fully compensate for the loss of the U.S. market, endorsed that they are a move in the right direction.

Cobden embodied the industry’s concern over a second extension to Canada’s remission program for some steel importers.

Even amidst disappointments, Cobden is hopeful that the federal government stands by its words after Carney affirmed to conclude the remission program by the end of January.