Sisi Chan

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

The head of Canada’s steel industry suggests that the new-package introduced to boost the domestic market had some disappointing aspects, despite its overall benefits.

What’s new: Carney introduced measures to help steel and lumber producers find new markets within Canada.

Further details: The measures consist of tighter restrictions on foreign steel entering Canada and a reduction in freight rates for materials crossing provincial borders by rail.

However, Catherine Cobden, CEO of Canadian Steel Producers Association, argues that these measures won’t entirely cover the loss of access to the U.S. market, although it’s a step in the right direction.

Disappointment was voiced by the industry when Ottawa announced a second extension to Canada’s remission program for some steel importers.

The big picture: Cobden is committed to hold the federal government accountable after Carney promised that the remission program would cease at the end of January—more than three months past the original deadline.