Sisi Chan

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

The head of Canada’s steel industry association conveyed their disappointment in the new tariff measures, despite acknowledging some benefits.

Prime Minister Mark Carney announced new measures to bolster the domestic market, sending a wave of hope amongst the local producers.

The set of measures introduced include tightening of quotas on foreign steel and trim on freight rates for materials crossing provincial borders by rail.

Catherine Cobden, the CEO of the Canadian Steel Producers Association, stated that while these measures are seen as a step in the right direction, they would not compensate for the loss of access to the U.S. market.

Cobden further expressed her disappointment as Ottawa announces an extension of the remission program, a move that weakens Ottawa’s retaliation tariffs on U.S. steel.

The federal government is committed to terminating the remission program by the end of January, as promised by Carney.