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(Bloomberg) — A group of Canadian steel producers said the government’s plan to restrict foreign steel imports isn’t strong enough and warned that the industry is set to shed thousands more jobs because of US tariffs.
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Prime Minister Mark Carney’s government introduced new tariff-rate quotas last week to limit imports of steel and said it may adjust tariffs on US steel products on July 21, depending on the status of trade talks with the Trump administration.
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The US has increased tariffs on foreign steel and aluminum to 50%. So far, Canada has decided not to match that, keeping its retaliatory levies at 25%.
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“We have significantly dropped shipments and have experienced close to 1,000 job losses to date and are preparing for thousands more,” Catherine Cobden, chief executive officer of the Canadian Steel Producers Association, said in a statement Thursday. “We are concerned that the immediate measures fail to address the crisis we are in.”
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The tariff-rate quotas apply to steel-exporting countries that Canada doesn’t have a trade agreement with. They only kick in if those countries exceed the volumes of steel they shipped to Canada last year. That “will do little to support our industry,” said the CSPA, which represents producers including Algoma Steel Group Inc. and ArcelorMittal SA.
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The United Steelworkers union also criticized the government’s plan as “too narrow,” saying it doesn’t apply to two-thirds of imports to Canada, including from countries including South Korea and Vietnam, “despite repeated dumping violations.”
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The government plans to unveil new tariff measures within weeks to address the risk of steel and aluminum dumping. Carney and his officials are worried that US tariffs will cause global manufacturers to divert their shipments to Canada.
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Representatives for Industry Minister Melanie Joly and Finance Minister François-Philippe Champagne didn’t immediately respond to requests for comment.
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