Sisi Chan

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

Canada’s steel industry is disappointed with Prime Minister Mark Carney’s efforts to bolster the steel sector in light of U.S. tariffs. The industry feels that more aggressive action is required.

PM Carney has initiated new protective measures for the steel and lumber sectors, including more stringent quotas on foreign steel and a commitment to slash freight rates for materials transported across provincial boundaries. These moves come in response to the U.S. trade barriers.

Catherine Cobden, CEO of the Canadian Steel Producers Association, welcomes the new measures but is not fully convinced of their efficacy. She argues that they do not offer ample compensation for the lost access to the U.S. market.

Moreover, Cobden is disheartened by Ottawa’s choice to extend the remission program for steel importers, which she feels dilutes the impact of Ottawa’s retaliatory tariffs on U.S. steel.

Finally, Cobden encourages the federal government to honor its word and wrap up the remission program by the end of January, a deadline already postponed by three months.