Sisi Chan

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

Prime Minister Mark Carney received partial support from the head of the Canadian steel industry for proposed measures aimed at bolstering the domestic steel market amidst U.S. tariffs.

Carney’s New Measures:

Carney announced decisions to support steel and lumber producers in Canada. Key measures include stricter quotas on foreign steel and a pledge to cut down freight rates on provincial border crossings for materials.

Canadian Steel Producers Association’s Reaction:

Catherine Cobden, CEO of Canadian Steel Producers Association, notably intimated the measures alone may not offset U.S. market losses, despite establishing a positive trend.

Criticism on Ottawa’s Extension:

Ottawa’s grant of a second extension to Canada’s remission program for steel importers was met with disappointment by Cobden, claiming it weakened Ottawa’s retaliatory tariffs on U.S. steel.

Holding the Federal Government Accountable:

The government stated it would terminate the remission program in late January, thus postponing the cutoff by over three months. Cobden asserts an expectation for the federal government to meet this commitment.