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Although steel consumption and imports are on the rise, Canadian steel production and exports have not kept pace since the recession — far from it
Last week, U.S. Steel announced that it will permanently end steel production at its Hamilton plant. Is steelmaking a “smokestack industry” suffering from inevitable decline, or a strategic industry that Canada should seek to defend and develop?
Steel is an indispensable material for every aspect of our traditional economy, including bridges, buildings and cars, but also our growing sustainable economy, from transit vehicles to wind turbines.
Canada needs steel and we have been importing more of it. Last year, our steel imports rose to $12.2-billion — the highest level in Canadian history except for $12.4-billion in 2008, at the height of the commodity boom.
Although steel consumption and imports are on the rise, Canadian steel production and exports have not kept pace since the recession — far from it. We imported $4.6-billion more steel than we exported last year, tying 2006 for the largest steel trade deficit in Canadian history. Continue Reading →