Archive | Steel and Stainless Steel Industries

Canada won’t ratify new NAFTA until steel and aluminum tariffs lifted, warns key U.S. Senator – by Naomi Powell (Financial Post – February 14, 2019)

https://business.financialpost.com/

Canada and Mexico won’t consider ratifying the revised North American Free Trade Agreement unless the United States lifts its tariffs on steel and aluminum imports, U.S. Senator Chuck Grassley said Tuesday.

Grassley, who held meetings with Foreign Affairs Minister Chrystia Freeland and Mexico’s Ambassador to the U.S. Martha Bárcena Coquilast week, said the levies are now the “biggest impediment” to approving the deal.

“The Senate in Mexico is not going to take it up until the tariffs are off,” Grassley said during a call with reporters. “The House of Commons in Canada’s not going to take it up if it’s not there soon after March 1 and it’s not going to be there unless the tariffs are off. And even Republicans and Democrats in the Congress of the United States say those tariffs have to go off.” Continue Reading →

OPINION: Trump’s metal tariffs end up favoring China’s steel and aluminum over Canada’s – by Erin Dunne (Washington Examiner – February 11, 2019)

https://www.washingtonexaminer.com/

President Trump has many justifications for his tariffs: national security, pushing back on unfair trade deals, and protecting American manufacturing. Not on the list: playing favorites with Chinese imports over those from neighboring Canada. But through the convoluted exclusions process of U.S. tariffs, that’s exactly what has happened.

As the CBC reported, about 40 percent of U.S. imports of Chinese steel have been excluded from the 25 percent tariffs imposed by the Trump administration and 86 percent of imports of Chinese aluminum, otherwise subject to a 10 percent tariff, have been excluded.

For comparison, only 2 percent of U.S. imports of Canadian steel are free from tariffs and less than 1 percent of aluminum. So how did this happen? Continue Reading →

Trump orders agencies to buy U.S.-made steel, aluminum and cement ‘to the greatest extent’ possible – by Naomi Powell (Financial Post – February 7, 2019)

https://business.financialpost.com/

A new executive order from U.S. President Donald Trump aims to strengthen his Buy America initiative by “encouraging” agencies to purchase a wider range of U.S.-made materials for infrastructure projects.

The order, published Thursday, urges agency heads to purchase more American-made construction materials for infrastructure projects ranging from surface transportation and water infrastructure to energy transmission, broadband internet and cybersecurity projects.

It follows on Trump’s 2017 “Buy American, Hire American” executive order, which tightened standards for federal procurement departments and companies that hire foreign workers. Continue Reading →

Canada collects $839M in steel and aluminum tariffs, but aid for sector mostly unspent – by Janyce McGregor (CBC Politics – January 27, 2019)

https://www.cbc.ca/

Federal support from $2-billion aid package slow to pay out

Foreign Affairs Minister Chrystia Freeland told an interviewer in Davos this week that once the U.S. drops its steel and aluminum tariffs, Canada will too, “30 seconds later.”

Until that day comes, the extra taxation is pretty lucrative for the federal government. Finance Canada says $839 million was collected in the six months leading up to Dec. 31 from retaliatory tariffs on imported American steel, aluminum and other products.

Canada didn’t start this tariff spat, and from the prime minister on down every Canadian official says he or she wishes it would end. The tariffs on both sides of the border have disrupted supply chains and added extra costs for consumers and businesses across a wide range of industries. Continue Reading →

Feds plan $90M in support for Sault, Algoma Steel – by Andy Blatchford (Sudbury Star – January 10, 2019)

https://www.thesudburystar.com/

Canadian Press – OTTAWA — The federal government is to announce up to $90 million in support for Ontario’s Algoma Steel on Thursday in a commitment aimed at helping the producer deal with the American tariffs on steel and aluminum, The Canadian Press has learned.

Economic Development Minister Navdeep Bains will make the announcement at Algoma’s plant in Sault Ste. Marie. He’ll be joined by Ontario Northern Development Minister Greg Rickford, who’s expected to announce a separate provincial investment in the company.

The government support comes as Canadian steel and aluminum producers continue to face punishing levies imposed last June by U.S. President Donald Trump. Continue Reading →

RPT-COLUMN-China steel prices tick up on winter curbs, stimulus hopes: – by Clyde Russell (Reuters U.S. – December 17, 2018)

https://www.reuters.com/

LAUNCESTON, Australia, Dec 17 (Reuters) – China’s steel and iron ore prices have started to climb in response to winter production curbs, but recent gains are far from suggestive of a rosy outlook for the sector.

The catalyst for the rebound in prices would appear to be signs that the authorities in steel-making centres are starting to clamp down harder on air pollution, after earlier indications that this winter’s output curbs wouldn’t be as severe as those for the previous cold season.

Benchmark steel rebar in Shanghai closed on Dec. 14 at 3,427 yuan ($497) a tonne, up 3.7 percent from the close of Dec. 11, and 7.4 percent higher than a recent closing low of 3,192 yuan on Nov. 26. Continue Reading →

Trump Reviewing Tariffs on Canada Steel and Aluminum, Craft Says – by Josh Wingrove and Bryce Baschuk (Bloomberg/Yahoo Finance – October 26, 2018)

https://finance.yahoo.com/

(Bloomberg) — The U.S., Canada and Mexico remain at odds over metals tariffs, with Donald Trump’s envoy to Canada saying the president is reviewing them.

Trump’s ambassador, Kelly Craft, argued Friday the levies on steel and aluminum imports were designed to prevent overseas metal from entering America via its neighbors.

“That is not something that is against Canada,” Craft said at an event near Niagara Falls with Canada’s ambassador to the U.S., David MacNaughton. “It’s just protecting North America from other countries that will be passing raw materials through, and also to protect our steel industry at home.” Continue Reading →

Tariffs eroding profits and driving up costs, metal manufacturers tell lawmakers – by Eric Atkins (Globe and Mail – October 23, 2018)

https://www.theglobeandmail.com/

Metal manufacturers and fabricators aired their complaints about trade barriers in Ottawa on Tuesday, telling members of Parliament that U.S. tariffs on steel and aluminum coupled with Canada’s countermeasures are eroding profits and driving up costs. This is giving foreign rivals an edge, the business people said, appearing before the standing committee on international trade.

Chris Wharin of Bohne Spring Industries Ltd., a Toronto-based maker of springs, wire and metal work for automotive and other uses, said that to keep its customers, the company cannot pass on some of the higher import and manufacturing costs incurred since Canada placed retaliatory tariffs of 10 per cent and 25 per cent on metal products from the United States.

“This is having a crippling effect on our cash flow and profits,” he said, adding the company relies on U.S. suppliers for much its steel and is unable to find domestic replacements. Continue Reading →

Canada, U.S. in talks to end steel, aluminum tariffs – by Adrian Morrow and Eric Atkins (Globe and Mail – October 19, 2018)

https://www.theglobeandmail.com/

Canada and the United States are trying to negotiate an end to U.S. President Donald Trump’s tariffs on steel and aluminum, with the goal of reaching a deal before the formal signing of the proposed United States-Mexico-Canada Agreement at the end of November.

Talks have focused on Canada agreeing to a quota on exports of those metals to the United States in exchange for the Trump administration lifting the tariffs, people in both countries with knowledge of the talks said. The Globe and Mail granted anonymity to five sources because they were not authorized to speak publicly on the matter.

Foreign Minister Chrystia Freeland and U.S. Trade Representative Robert Lighthizer discussed the matter last week at Ms. Freeland’s Toronto home, a Canadian government source said, and agreed they had to reach a resolution. Continue Reading →

Steel tariffs remain in force as Trump credits them with clinching USMCA deal – by Naomi Powell (Financial Post – October 2, 2018)

https://business.financialpost.com/

Canadian industry leaders insist they be lifted as a condition of a final deal

U.S. President Donald Trump’s tariffs on steel and aluminum will remain in force despite a new trade pact with Canada and Mexico — even as Canadian industry leaders insist they be lifted as a condition of a final deal.

Trump, who previously tied the tariffs to the successful renegotiation of the North American Free Trade Agreement, praised the levies for bringing about the revamped trilateral pact, secured following marathon talks this weekend.

“Without tariffs, we wouldn’t be talking about a deal — just for those babies out there that talk about tariffs,” Trump said Monday in a White House announcement of the deal, which is being called the U.S.-Mexico-Canada Agreement (USMCA). Continue Reading →

Ford CEO says Trump’s metal tariffs cost auto maker $1-billion – by Nick Carey and David Shepardson (Globe and Mail/Reuters – September 27, 2018)

https://www.theglobeandmail.com/

Steel and aluminum tariffs imposed by the Trump administration have cost Ford Motor Co about $1-billion in profits, its chief executive officer said on Wednesday, while Honda Motor Co said higher steel prices have brought “hundreds of millions of dollars” in new costs.

“From Ford’s perspective the metals tariffs took about $1-billion in profit from us,” CEO James Hackett said at a Bloomberg conference in New York, “The irony of which is we source most of that in the U.S. today anyway. If it goes on any longer, it will do more damage.”

Hackett did not specify what period the $1-billion covered, but a spokesman said the automaker’s CEO was referring to internal forecasts at Ford for higher tariff-related costs in 2018 and 2019. Continue Reading →

NEWS RELEASE: NAFTA Deal a Sell-Out for Canadian Steel, Aluminum Workers

TORONTO, Oct. 1, 2018 /CNW/ – Tens of thousands of Canadian families have been left in the lurch from concessions made by the Liberal government to get a deal with the Unites States on a renegotiated North American Free Trade Agreement.

“Time and time again during the NAFTA renegotiations, the Liberal government assured Canadians that it was defending our steel and aluminum sectors and the livelihoods of tens of thousands of Canadian families,” said Ken Neumann, United Steelworkers (USW) Canadian Director.

“Given the Liberal government’s rhetoric throughout the process, it was inconceivable that it would agree to any deal that harms Canada’s steel and aluminum sectors,” Neumann said. Continue Reading →

Commentary: Nickel is dancing to a new electric (vehicle) beat – by Andy Home (Reuters U.K. – August 15, 2018)

https://uk.reuters.com/

LONDON (Reuters) – The world used almost 2.2 million tonnes of nickel last year. Around two thirds of that metal was absorbed by the stainless steel industry, which uses it as a key alloying agent.

Stainless steel production has been booming. Global output rose by 5.8 percent last year and accelerated by another 9.5 percent in the first quarter of 2018, according to the International Stainless Steel Forum.

This has been good news for nickel. The International Nickel Study Group (INSG) estimates that global first-use nickel usage jumped by 7.8 percent last year and by another 9.7 percent in the first five months of this year. Continue Reading →

Canada eyes unprecedented safeguard tariffs on steel imports – by Naomi Powell (Financial Post – August 15, 2018)

https://business.financialpost.com/

HAMILTON — Finance Minister Bill Morneau is launching formal consultations on whether to impose unprecedented trade measures to block a surge of steel imports diverted into Canada because of U.S. tariffs.

Morneau, who said an import surge has already been detected, announced Tuesday a 15-day consultation period during which he will evaluate possible safeguards on seven steel products, including plate, concrete reinforcing bar used in construction, hot-rolled sheet, wire rod and tubes for the energy industry.

If the consultations provide evidence of harm or threat of harm to producers, the federal government will impose immediate provisional safeguards to shield the industry while the issue is referred to the Canadian International Trade Tribunal (CITT) for inquiry. Continue Reading →

The One Market That’s Sure To Help Coal – by Jude Clemente (Forbes Magazine – August 12, 2018)

https://www.forbes.com/

“Urbanization helps pull people out of poverty and advances progress towards the Millennium Development Goals,” The World Bank

As still the world’s leading source of electricity (most critically, overwhelmingly so in all-important China and India) at 37-40% of all supply, and still generating 30% of U.S. power, coal is obviously not dead.

But beyond electricity, coal is much more essential to another market than the anti-coal business may realize: the very steel that builds our cities. Apparently, unbeknownst to many, the fact that 70-80 million people move to the world’s cities each year means that coal’s fundamental role in the energy demand system is quite secure.

It’s no wonder then that global steel demand continues to surge to record highs and expected to increase 20% by 2030. Steel is an indispensable material for modern life. It is utilized in literally every important industry. Continue Reading →