Sisi Chan

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

Catherine Cobden, CEO of Canadian Steel Producers Association, comments on the new measures brought forward by Prime Minister Mark Carney aimed at stimulating the domestic market in light of U.S tariffs’ effects on the steel industry.

New measures outlined by the prime minister include tightening quotas on foreign steel imports and decreasing freight rates for materials moved across provincial borders. This is seen as a strategy to boost Canadian steel and lumber producers.

The big picture: According to the industry leaders, even though the new measures are a positive initiative, they may not be enough to offset the loss of the U.S. market. Cobden, representing the industry, views them as a step in the right direction.

There is a critical reaction towards Ottawa’s decision to extend the remission program, which allegedly dilutes retaliatory tariffs on U.S. steel – a move seen as detrimental to the industry.

Cobden anticipates the government to fulfil its promise of ending the remission program by the end of January. This move is eagerly awaited by the steel industry and is expected to strengthen its stature.

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