STEEL INDUSTRY SEES BENEFITS IN NEWLY ANNOUNCED TRADE MONITORING UNIT

OTTAWA, ON, April 16, 2024 /CNW/ - The Canadian Steel Producers Association welcomes today's Federal Budget 2024 announcement providing additional resources to the Canada Border Services Agency to create a dedicated Market Watch Unit to monitor unfair trade practices and update trade remedy measures annually.

"Canadian steel producers face significant competition within our borders from steel that is unfairly traded. As the economy softens globally, we are seeing this problem intensify and action is urgently needed. As the most significant user of Canada's trade remedy system, we feel it is imperative new resources and approaches are put in place to protect the domestic industry and its employees from these unfair practices," says Catherine Cobden, President & CEO of the Canadian Steel Producers Association.

"The announcement of funding for a new Market Watch Unit will see trade remedy measures updated annually. This new tool will greatly improve the existing process and provide significant transparency and predictability in the system for all users. We look forward to working with the federal government to ensure that the implementation of this new tool delivers a more permanent shift in how importers behave within our borders."

About the Canadian Steel Producers Association
The Canadian Steel Producers Association is the national voice of Canada's primary steel and the pipe and tube 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.

SOURCE Canadian Steel Producers Association