CARNEY MOVES TO ASSIST CANADIAN STEEL INDUSTRY

Canada's steel industry is facing difficult times because of tariffs that President Trump has placed on Canadian steel exports into the U.S. The Canadian steel industry says they saw a 30% drop in production in May of 2025.

In order to protect Canada’s steel industry, Prime Minister Carney has promised to reduce the amount of cheap, foreign steel entering Canada by the end of July. According to CBC, Canadian steelmakers say that foreign companies are supplying steel to the Canadian market at ultra-low prices, making it hard for Canadian companies to compete for the Canadian market.

By reducing the amount of foreign steel coming in, the Canadian industry will be more protected — but we can probably expect to see steel prices in Canada going up.

"Imports supply almost two-thirds of Canadian consumption of steel, compared to less than one-third for the United States and less than one-sixth for the European Union," Carney said.

Carney also said his government will prioritize Canadian steel to build projects including:

• "millions of homes,

• ports,

• bridges,

• energy infrastructure, and

• our security and defence capabilities."

So, companies contracting with the federal government will be expected to source Canadian steel for government contracts.