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Canada continues 25% safeguard on heavy plate & stainless wire, drops for 5 others

Steel News - Published on Mon, 29 Apr 2019

Image Source: National Observer
Canada’s Finance Minister Mr Bill Morneau has taken the advice of the Canadian International Trade Tribunal and continued with trade remedies on only two of the seven types of foreign steel products that have faced emergency safeguards since last fall. As a result, only heavy plate and stainless steel wire imports, will continue to face trade remedies to protect Canada's steel industry and provisional duty on reinforcing bar, energy tubular products, hot-rolled sheet, pre painted steel and wire rod has ended. His decision on final safeguards follows the advice of the Canadian International Trade Tribunal, which earlier this month found no justification to continue surtax on five other products that have also been subject to a provisional 25% surtax since last October.

Canada's steel mills and the United Steelworkers union had asked the minister to overrule the tribunal and impose final safeguards on all seven products.

Ms Catherine Cobden president of the Canadian Steel Producers Association said she is disappointed. She said "Canada's steel industry is disappointed with the government’s announcement to not take decisive action to put safeguards in place for all 7 products. Steel producing nations around the world are implementing these trade measures and Canada’s failure to do so means we are more dangerously trade exposed than ever before. Without safeguards, there will be significant negative impacts on the steel industry in Canada, and will lead to the loss of thousands of jobs, put CAD 1.1 billion in planned investments at risk, and see the erosion of our competitiveness. Our industry is in crisis driven by global overcapacity, US 232 actions, and safeguard measures put in place in other jurisdictions. Job losses are taking place and investments are going elsewhere. The government must act now to support our workers and ensure our ongoing economic viability. We stand ready to work with the Government to find ways to address the immediate challenges we face.”

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Posted By : Sanju Moirangthem on Mon, 29 Apr 2019
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