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Stelco pushes for more support for Cnadian steel industry with Mr Trudeau

Steel News - Published on Fri, 12 Apr 2019

Image Source: Global News
The Canadian Press reported that Stelco Holdings Inc’s president and executive chairman Mr Alan Kestenbaum met with Canada’s Prime Minister Mr Justin Trudeau in Ottawa. While he thanked the prime minister for the government’s support of the metals industry since the imposition of American tariffs last year, Mr Kestenbaum said steel producers are now facing new pressures. He told “The measures that were put in place, the actions that were put in place, have enabled Stelco and other steel producers to really be able to operate well in this very, very difficult environment. Today we’re here to talk about a changing landscape.”

Mr Kestenbaum suggested he was looking to Trudeau for help in preserving jobs in Canada’s steel industry.

The prime minister told Mr Kestenbaum his government is focused on supporting the steel industry and its workers as they continue to face what Mr Trudeau described as punitive and illegitimate tariffs. Mr Trudeau said officials from his government have been meeting almost daily with US officials in attempts to have the duties lifted.

Stelco reported a surge in income and revenues in the final quarter of last year, despite the 25% tariffs on steel imported from Canada that the Trump administration imposed last June. The company reported net income of CAD 108 million on revenue of CAD 648 million in the three months ending Dec 31, compared with CAD 16 million of income and revenues of CAD 452 million during the same period in 2017.

But the Canadian International Trade Tribunal issued a report last week that could see Canadian import restrictions lifted on some steel products. The CITT report, issued April 3, ruled the safeguards were warranted on just two of the seven products. The provisional safeguards announced in October, designed to shield domestic producers from a flood of imports into Canada resulting from the US tariffs, were considered by the World Trade Organization as emergency measures and are set to expire in about a month’s time.

But, the report is not binding on Finance Minister Mr Bill Morneau, who can choose to ignore some or all of the findings and make the safeguards permanent.

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Posted By : Sanju Moirangthem on Fri, 12 Apr 2019
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