Prime Minister Mark Carney announced new measures this week to help support Canada’s struggling steel industry, which has been battered in recent months by Donald Trump’s trade war.
The changes include restricting and reducing the amount of foreign steel imports — especially from China, which is notorious for illegally flooding the Canadian market with cheap steel — and prioritizing made-in-Canada steel for major domestic projects.
Although welcome news, the industry is still bracing for the next big announcement: whether President Trump will lower the current tariff on steel imported to the United States. As of today, it remains at 50 per cent.
Michael Garcia is the CEO of Algoma Steel, Canada’s only independent primary steel producer. He joins us on tonight’s ‘Closer Look’ podcast to talk about his reaction to the federal government’s plan — and whether it’s enough to keep the domestic steel industry afloat.
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