Stelco pushes PM for help in dealing with ‘changing landscape’ for steel

Stelco reported surge in revenues in the final quarter of last year, despite 25% tariffs

Prime Minister Justin Trudeau meets with Executive Chairman of Stelco Inc. Alan Kestenbaum in his office on Parliament Hill in Ottawa on Thursday, April 11, 2019. THE CANADIAN PRESS/Sean Kilpatrick

Prime Minister Justin Trudeau meets with Executive Chairman of Stelco Inc. Alan Kestenbaum in his office on Parliament Hill in Ottawa on Thursday, April 11, 2019. THE CANADIAN PRESS/Sean Kilpatrick

Canadian steel producer Stelco is looking for more support from the federal government as the country’s steel and aluminum producers grapple with punishing U.S. tariffs imposed on exports of their products south of the border.

Stelco Holdings Inc., president and executive chairman Alan Kestenbaum met with Justin Trudeau in Ottawa Thursday.

While he thanked the prime minister for the government’s support of the metals industry since the imposition of American tariffs last year, Kestenbaum said steel producers are now facing new pressures.

Stelco reported a surge in income and revenues in the final quarter of last year, despite the 25 per cent tariffs on steel imported from Canada that the Trump administration imposed last June.

The company reported net income of $108 million on revenue of $648 million in the three months ending Dec. 31, compared with $16 million of income and revenues of $452 million during the same period in 2017.

READ MORE: U.S. tariffs on steel, aluminum could be gone in weeks, ambassador says

But the Canadian International Trade Tribunal (CITT) issued a report last week that could see Canadian import restrictions lifted on some steel products.

The provisional safeguards announced in October, designed to shield domestic producers from a flood of imports into Canada resulting from the U.S. tariffs, were considered by the World Trade Organization as emergency measures and are set to expire in about a month’s time.

Finance Minister Bill Morneau issued emergency import restrictions on seven products, arguing that they posed a serious threat to Canada’s steel industry.

The CITT report, issued April 3, ruled the safeguards were warranted on just two of the seven products.

The report is not binding on Morneau, who can choose to ignore some or all of the findings and make the safeguards permanent.

“The measures that were put in place, the actions that were put in place, have enabled Stelco and other steel producers to really be able to operate well in this very, very difficult environment,” Kestenbaum said as he sat with Trudeau in the prime minister’s West Block office.

“Today we’re here to talk about a changing landscape.”

Kestenbaum suggested he was looking to Trudeau for help in preserving jobs in Canada’s steel industry.

The prime minister told Kestenbaum his government is focused on supporting the steel industry and its workers as they continue to face what Trudeau described as “punitive” and “illegitimate” tariffs.

Trudeau said officials from his government have been meeting “almost daily” with U.S. officials in attempts to have the duties lifted.

In the meantime, the government is having discussions on how to support the metal industries, he said.

The Canadian Press

Like us on Facebook and follow us on Twitter

Just Posted

Kelowna Fire Department. (Phil McLachlan - Capital News)
Abandonded campfire results in Kelowna bushfire

The fire was measured at 20 feet by 20 feet in size and has been deemed not suspicious in nature

The Greater Vernon Chamber of Commerce will host the Valley Wide Business Expo May 4 at Predator Ridge Resort. (photo submitted)
Golf raffle helps Okanagan families score homes

Habitat for Humanity Okanagan swinging into action this summer with a new raffle

(Facebook/Kelowna Cabs)
Kelowna Cabs reaches tentative agreement with dispatchers union

The tentative agreement could help end the dispute between the taxi company and the dispatchers

sdaf
Lake Country home destroyed in large blaze, 11 dogs rescued

Fire crews are responding to 10839 Hallam Drive

Bear wanders Kelowna on June 15. (Michelle Wallace/Facebook)
Bear climbs fence, uses crosswalk in Kelowna

The bear was spotted on Baron Road Wednesday evening

Jeanette Megens
KCR: Volunteering is sharing your story

Kelowna Community Resources shares stories of its volunteers in a weekly column

An old growth cedar stands in a cut-block within the Caycuse Valley. More than 100 prominent Canadians, have signed an open letter calling for the immediate protection of all remaining old-growth forests in B.C. (Submitted)
Brian Mulroney and Greta Thunberg among 100 celebrities pushing to save B.C. old growth

List includes Indigenous leaders, scientists, authors, Oscar winners

The border crossing into the United States is seen during the COVID-19 pandemic in Lacolle, Que. on Friday, February 12, 2021. THE CANADIAN PRESS/Paul Chiasson
U.S. border restrictions to remain in place until at least July 21

Safety minister says Canada, U.S. extending restrictions on non-essential international travel

Cannabis bought in British Columbia (Ashley Wadhwani/Black Press Media)
Is it time to start thinking about greener ways to package cannabis?

Packaging suppliers are still figuring eco-friendly and affordable packaging options that fit the mandates of Cannabis Regulations

This photo of the small wildfire burning above Naramata was taken at 8 p.m. on Thursday, June 17, 2021 (Monique Tamminga Western News)
BC Wildfire on scene of small wildfire above Naramata

Smoke has been showing since earlier in the day

Students in the Grade 10 entrepreneurship program at Summerland Unisus School have completed a cookbook with international recipes. (Contributed)
Summerland students create virtual international cookbook

Entrepreneurship program at Summerland Unisus School uses virtual cookbook as fundraiser

Hundreds of people, young and old, joined the three-day Walking Our Spirits Home procession, honouring residential school survivors, those who never made it home and all those affected by the institutions. Here people walk the third portion on June 13. (Martha Wickett - Salmon Arm Observer)
Walking Our Spirits Home from Kamloops provides path to healing

First Nations in and beyond Secwépemc territory join in to honour residential school survivors

Himalayan Life helped finance the construction of Nepal’s Yangri Academic Centre and dormitories after a 2015 earthquake devastated the valley, killing more than 9,000 people. (Screen grab/Peter Schaeublin)
B.C. charity founder pledges to rebuild Nepalese school swept away by flash floods

6 years after a catastrophic earthquake killed more than 9,000 people, Nepal gets hit again

Most Read