Carney Announces Sweeping Measures to Shield and Strengthen Canada's Steel Industry

Prime Minister Carney Announces Sweeping Measures to Shield and Strengthen Canada's Steel Industry

Today, Prime Minister Mark Carney unveiled a comprehensive package of measures aimed at protecting and bolstering Canada's steel industry, which is crucial to the country's economic security and competitiveness. The new government's initiative comes in response to the significant challenges posed by the rapidly evolving global steel landscape.

Strengthening the Domestic Steel Market

To ensure a level playing field, the government will impose new tariff rate quotas on foreign steel imports, limiting them to 50% of 2024 volumes. Above these levels, a 50% tariff will be applied. This move is designed to prevent trade diversion and safeguard Canadian steel producers from unfair competition.

Investing in Canada's Steel Workers and Production

The government is committed to supporting workers in the steel sector, allocating $70 million to Labour Market Development Agreements to provide training and income supports for up to 10,000 affected workers. Additionally, $1 billion will be invested in the Strategic Innovation Fund to help steel companies advance projects that will increase competitiveness, catalyze production of new steel products, and create jobs in key sectors.

Prioritizing Canadian Steel in Major Projects

As the federal government embarks on major infrastructure projects, it will ensure that Canadian steel and materials are prioritized in construction. Federal procurement processes will be revised to require companies contracting with the government to source steel from Canadian companies. This shift will not only support Canadian workers but also enhance the country's sovereignty and economic resilience.

Quotes from Government Officials

"Our steel industry will be central to Canada's competitiveness, security, and prosperity. We are taking bold action to support, reinforce, and transform the industry to withstand profound shifts in global trade and supply chains," stated Prime Minister Mark Carney.

"We will continue to defend Canadian workers, businesses, and investments while strengthening our domestic producers through significant additional supports," added Minister of Finance and National Revenue François-Philippe Champagne.

"Protecting Canada's steel industry means defending Canadian jobs, securing our economic sovereignty, and building the future right here at home," emphasized Minister of Industry and Minister responsible for Canada Economic Development for Quebec Regions Mélanie Joly.

By introducing these measures, the government is sending a clear message to Canadian steel workers: we are committed to supporting and protecting your jobs, your industry, and Canada's economic future.