Sisi Chan

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

Canada’s steel industry association has both lauded and criticised PM Mark Carney’s measures aimed at mitigating the effects of U.S. tariffs on the domestic market.

The PM unveiled tightened quotas on imported steel and commitment to reduce freight rates for goods crossing provincial borders, aiming to foster lucrative markets for steel and lumber producers in Canada.

Catherine Cobden, CEO of the Canadian Steel Producers Association, acknowledges that while these support actions fall short of compensating the full damage caused by U.S. market restrictions, they are nonetheless essential steps towards reviving the beleaguered industry.

Despite these measures, discontent brews in the industry over Ottawa’s decision to extend remission for certain steel importers, which in effect dilutes the retaliatory tariffs on U.S. steel.

Looking forward, Cobden is determined to hold the federal government to its promise of completing the remission program by the end of January.