Rolled coils of steel sit in the yard at Algoma Steel, in Sault Ste. Marie, Ont.Nick Iwanyshyn/The Canadian Press
The federal government plans to extend measures to support the domestic steel and aluminum industry through tariff headwinds for another year.
Finance Canada says a remission program that pays back certain firms for Canadian tariffs on steel and aluminum from the United States will be extended until the end of June, 2027.
Steel imports from countries except the United States and Mexico will also continue to be hit with 50-per-cent tariffs above a certain quota for an additional year.
Both programs were set to expire later this month.
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The Canadian Steel Producers Association has praised the tightening of Ottawa’s import quota regime but has criticized ongoing extensions to the remission program, arguing it waters down the effectiveness of Canada’s response to U.S. tariffs.
Finance Canada says the planned extensions are meant to protect the domestic industry from damaging global trade practices and offer predictability to affected firms.