Sisi Chan

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

Introduction: Prime Minister Mark Carney’s new tariff measures have garnered mixed reactions from the Canadian steel industry, with questions raised about the impact of these regulations amid ongoing U.S. tariffs.

New Measures: The measures, announced on Wednesday, primarily aim at supporting steel and lumber producers within the domestic market.

Specific Measures: The specific strategies include tighter quotas on foreign steel and a commitment to decrease freight rates.

Industry Feedback: Catherine Cobden, CEO of Canadian Steel Producers Association, stated that these initiatives, while positive, are unlikely to compensate entirely for the loss of access to U.S. markets.

Industry’s Disappointment: The entire steel sector has voiced its disappointment regarding the ongoing extension of Canada’s remission program for certain steel importers, not to mention the retaliatory tariffs on U.S. steel.

Wrapping Up the Remission Program: CEO Cobden has called for an end to the remission program by the end of January, focusing the industry’s expectations on the Federal Government’s next moves.