Sisi Chan

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

The big picture: The Canadian steel industry displays a mixed reaction to the new package of measures by Prime Minister Mark Carney. While some steps are appreciated, further actions are needed, according to industry representatives.

In a recent move, Carney introduced tighter quotas on foreign steel and reduced freight rates for materials moving across provincial borders. These measures aim to strengthen the domestic steel market.

Catherine Cobden, the CEO of the Canadian Steel Producers Association, has expressed that though these steps represent progress, they are insufficient to compensate for the loss of the U.S. market. She insists on the necessity of further measures.

The steel industry expresses disappointment regarding an extension to Canada’s remission program for steel importers. This program, they argue, undermines Ottawa’s retaliatory tariffs on U.S. steel.

Cobden expects the federal government to conclude the remission program by the end of January, as earlier promised by PM Mark Carney. This termination would occur more than three months post the initial deadline, a delay which is a point of contention for the sector.