Sisi Chan

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

The recently announced measures by Prime Minister Mark Carney aimed at the steel industry have received mixed reviews, with the sector requesting more comprehensive action.

The big picture: While these initiatives, designed to enhance domestic market conditions for steel and lumber producers and curb foreign steel infiltration, are seen as positive, the industry still feels let down by specific aspects. As a result, the call for additional measures persists.

Highlighting Canada’s steel industry’s take on these measures, their principal concern is related to the lack of complete assistance provided by Carney’s initiatives. However, the measures have been hailed as beneficial overall.

Among the new measures introduced are rigorous quotas on foreign steel and cutting down on freight charges for materials crossing provincial borders – these are designed to encourage local tech and lumber industries to locate new markets domestically.

Catherine Cobden, CEO of Canadian Steel Producers Association, fleshed out her perspective on these initiatives, stating that despite not being a complete compensation for lost access to US markets, it is nonetheless a step in the right direction.

Ottawa’s decision to extend the remission program for certain steel importers, thereby undermining the counter-tariffs placed on US steel, has led to industry discontent.

Despite this, Cobden has expressed faith in the federal government honouring its promise regarding the termination date for the remission scheme.