Sisi Chan

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

First impressions: Despite widespread acceptance, Canada’s steel industry head underscored the need for more action from Mark Carney’s measures.

In a bid to revitalize the steel and lumber sector, Mark Carney announced fresh market explorative measures within Canada.

These measures tout foreign steel quotas and a novel approach with reduced freight rates for intra-provincial transport of materials.

Ground reality: According to CEO Catherine Cobden, these mitigation strategies might not fully recuperate the loss sustained from the dwindling U.S. market, but provide a crucial lifeline to the industry in these challenging times.

However, Ottawa’s decision to prolong the remission program for certain steel importers has met criticism from Cobden.

Looking ahead: Cobden aims to hold the federal government accountable for the, promised, termination of the remission program by the end of January.