Sisi Chan

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

Introduction / Background: The leader of Canada’s steel industry association has responded to a newly introduced set of measures aimed at buoying the domestic market in the wake of US tariffs.

New Measures: Prime Minister Mark Carney has come forward with new measures benefitting steel and lumber industries, with a view to developing new markets domestically.

Details of Measures: Among these are stricter quotas on foreign steel coming into Canada and reduced freight rates for materials crossing provincial borders.

Industry Reaction: But, even with these efforts, the CEO of the Canadian Steel Producers Association has stated that they would not fully compensate for losses sustained from the US market, though they are a step in the right direction.

Continuing Issues: There remains a level of disappointment in the steel industry due to a second extension of Canada’s remission program for steel importers, diluting the effect of Ottawa’s retaliatory tariffs on U.S. steel.

Outlook / Future Expectations: Following this, the association indicates they will hold the federal government accountable for ending the remission program by the end of January.