Sisi Chan

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

Canada’s steel industry has responded to new measures by Prime Minister Mark Carney aimed at invigorating the domestic market amidst U.S. tariffs. However, certain aspects of the package have raised concerns.

Carney’s provisions to strengthen steel and lumber production include strict limits on foreign steel entering Canada and lower freight costs for materials transported inter-provincially via railway.

Catherine Cobden, CEO of Canadian Steel Producers Association, commented that although these measures may not entirely offset the loss from the U.S. market, they are a step towards the right direction.

Critically, the government is under fire for announcing an additional extension to Canada’s remission scheme for select steel importers in vital industries—an action Cobden believes undermines the retaliatory tariffs on U.S. steel.

Cobden remains resolute in holding the federal government answerable after Carney’s assurance that the remission program would cease by the end of January—over three months past the initial cut-off.