Sisi Chan

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

Prime Minister Mark Carney’s strategy to protect the domestic steel industry against U.S. tariffs has elicited varied reactions from industry heads. Click here to know more about Mark Carney.

The new measures announced by PM Carney aim to aid steel and lumber producers in finding new domestic markets. Here is a link to the official announcement.

The latest strategies involve putting in place tighter quotas on foreign steel and also reducing freight rates for across-the-province transport.

Catherine Cobden, the CEO, believes while these measures will have an impact, the industry still needs relief from the loss of U.S. market access due to prior tariffs.

However, there is disappointment within the industry over Ottawa’s decision to extend a remission program for certain steel importers. This essentially dilutes Ottawa’s tariffs on U.S. steel.

Cobden intends to hold the federal government to its promise—as per PM Carney—that the remission program will end by January’s close.