OTTAWA, April 03, 2019 (GLOBE NEWSWIRE) -- The Canadian International Trade Tribunal (CITT) today issued its recommendations to the Minister of Finance on final safeguard measures. The Canadian Steel Producers Association (CSPA) is disappointed in the Tribunal’s recommendation to impose safeguard measures on only two products. The recommendations are a significant departure from the conclusions reached by the Minister of Finance to establish the provisional measures and the overwhelming evidence put forward to the Tribunal that justified the imposition of final safeguard measures.
“We are disappointed and concerned with the Tribunal’s recommendations. Since the temporary safeguards came into force, they have stabilized the Canadian steel market and limited the amount of steel that was being diverted to Canada,” said Catherine Cobden, President of the CSPA. “Furthermore, the continued surge of low-priced imports and deteriorating market conditions that have persisted following the conclusion of the CITT’s hearing were not considered and further supports the imposition of final safeguard measures.”
The CITT’s recommendation is not binding on the Minister of Finance. The CSPA is therefore urging the Minister to exercise his statutory authority and impose final safeguard measures on all 7 steel products as recommended by the industry in order to protect thousands of middle-class jobs and more than $1.1 billion in planned investments.
“If the Minister of Finance does not put in place final safeguard measures on all 7 products, the steel industry in Canada is threatened with job losses, significant community impacts, market share erosion, and growing investment uncertainty,” stated Cobden. “Furthermore, we see strong expectations from the US government that Canada will take every action necessary to keep artificially low-priced offshore steel out of North America.”
Canada is one of the most trade exposed steel markets with the domestic steel industry facing significant pressure from disruptions in global steel markets caused by overcapacity, US trade actions, and safeguard measures initiated by other countries.
The Canadian Steel Producers Association is the national voice of Canada's primary steel industry, dedicated to ensuring a competitive and sustainable business environment for its members and supply chain stakeholders. Canadian steel producers are integral to Canada's economy and a vital supplier to many segments of North American industry, including the automotive, energy, construction and transportation sectors.
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