Sisi Chan

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

Introduction: The CEO of the Canadian steel industry association expressed some disappointment over Prime Minister Mark Carney’s measures aimed at boosting the domestic market, citing the ongoing impact of US tariffs.

New Measures: On Wednesday, PM Carney unveiled measures designed to help steel and lumber producers discover new markets within Canada.

More specific measures: Among the proposed actions are tighter quotas for foreign steel and reducing freight rates for materials crossing provincial borders by rail.

Industry viewpoint: CEO of the Canadian Steel Producers Association, Catherine Cobden, expressed that these measures may not thoroughly compensate for the industry’s loss of access to the U.S. market, though she acknowledged them as a step in the right direction.

Expression of Disappointment: Cobden criticized Ottawa’s decision to extend Canada’s remission program for certain steel importers in critical industries. She argues that this weakens Ottawa’s retaliatory tariffs against U.S. steel.

Future Expectations: Prime Minister Carney has promised to conclude the remission program by the end of January, three months past the original deadline.