Tariff fallout: Canada strikes back, Stellantis idles, GM boosts production
Canada imposes auto tariffs, while automaker Stellantis temporarily idles some plants.
Category: Canada
Active rig counts stable in US, decline in Canada
US rig counts remain slightly above multi-year lows, while Canadian activity is slowing following a seasonal peak.
Fate of U.S. Steel hangs in the balance
The future of U.S. Steel remains unclear, but the proxy fight for control of the company is heating up. Shareholders will cast their votes on the company's future at the annual meeting in May.
Oil and gas drilling pulls back considerably in Canada, steady in US
US rig counts remain slightly above multi-year lows, while Canadian activity is tapering off following a seasonal peak.
US rig count holds steady, Canada faces seasonal decline
US rig counts continue to hover slightly above multi-year lows, while Canadian activity is entering a seasonal decline after recently reaching a seven-year high.
Canada retaliates with tariffs on US steel, aluminum; EU plans counterattack too
Canada and the European Union are retaliating against what they deem to be unjustified tariffs on steel and aluminum by the United States.
Trump holds off on 50% Canadian steel, aluminum tariffs after day of threats and reversals
Section 232 tariffs are expected to go into effect March 12.
Drill rig activity slips in US and Canada
US rig counts remain slightly above multi-year lows, while Canadian activity is experiencing a seasonal decline from a recent seven-year high.
Canada, Mexico get 30-day delay on blanket tariffs (again)
The latest on the trade war
CRU: Trump tariffs on Canada and Mexico to squash steel demand
On 4 March, new 25% blanket tariffs across all products exported to the USA from Canada and Mexico are now in effect. The only exception is Canadian energy products, which will be assessed a 10% tariff.
Canadian industry decries tariffs as economic attack in Trump-imposed trade war
“It is completely shocking for the United States to treat a long-time and fair trading partner in this manner,” the Canadian Steel Producers Association said.
Miller on Scrap: The ramifications of 25% tariffs on scrap imports from Mexico and Canada
We really don’t know yet what and how severe the impact will be. But we do know ferrous scrap will become more expensive in the US. And it will be less expensive for Canadian mills. The larger consequences will be felt on the Canadian front. Even so, in the Southwest, the tariffs on Mexico will lower prices for Mexican scrap and might limit normal flows across the border.
Op-Ed: Trump tariffs would devastate Canadian recyclers, and hurt the US too
These tariffs would significantly increase costs for American manufacturers that rely on Canadian metals. They would also disrupt supply chains and weaken economic ties that have benefited both nations for decades.
Trump: 25% universal tariffs on Canada and Mexico to start Tuesday
President Trump reaffirmed Monday afternoon that his 25% universal tariff on all imports from Canada and Mexico would take effect on Tuesday. “Tomorrow – tariffs 25% on Canada and 25% on Mexico. And that’ll start,” Trump told reporters Monday, according to an Associated Press report. “They’re going to have to have a tariff.”
Miller on Scrap: Trump tariffs on Canada, Mexico could supercharge March prices
The main impact of tariffs on scrap prices would be felt in Northern states - and especially among those along the Canadian border. Many steelmakers in this area receive a substantial portion of their monthly scrap charge from Canadian processors. Much of it is prime scrap used by hot-rolled (HR) coil producers.
Ancora asks USS to delay shareholder meeting until after Nippon deal wind-down date
The investment firm seeking to oust U.S. Steel’s leadership has asked the steelmaker to schedule its annual shareholder meeting after June 18. That’s the deadline set by the US government for USS and Nippon Steel to unwind their nearly $15-billion merger deal. Ancora Holdings Group sent a letter dated Feb. 27 to board members of […]
Drill rig activity increases slightly in US and Canada
US rig counts remain just above multi-year lows, while Canadian activity is within earshot of a seven-year high.
Trump reiterates March 4 start for universal tariffs of 25% on Canada, Mexico
On Thursday morning, Trump posted on Truth Social about Canada and Mexico: “the proposed TARIFFS scheduled to go into effect on MARCH FOURTH will, indeed, go into effect, as scheduled.”
Trump signals tariffs on Canada and Mexico will start next week
Tuesday, March 4, marks the end of a 30-day delay in the levies.
Cliffs swings to loss in 2024 amid 'worst steel demand environment since 2010'
"The second half of last year was especially bad with the steel demand from the automotive sector slowing down, construction activity lagging and industrial production taking a hit," the CEO said.
Canadian wire maker blames tariffs and demand for layoffs
MPG Canada is laying off 140 workers across its facilities in Ontario and Quebec.
Price: Should billions in Section 232 revenue go to foreign manufacturers or to the American people?
Do we want the benefits of the Section 232 tariffs to flow to the bottom lines of foreign steel and aluminum producers or to the US government and, ultimately, domestic manufacturers and their workers? In our view, the answer is simple. Section 232 exceptions do nothing more than lead to underserved profits for foreign manufacturers who are harming the US industrial base. That revenue could be used to pursue the Trump administration’s other policy priorities - such as deficit reduction or expanded tax cuts.
US rig counts inch up again, Canadian activity slips
The latest oil and gas rig count in the US increased slightly from last week, while Canadian activity edged lower, according to Baker Hughes.
Kestenbaum, Ancora state their case in proxy fight for U.S. Steel
Ancora Holdings is moving forward with its proxy fight to oust U.S. Steel’s leadership and install a new board of directors and Alan Kestenbaum as CEO.
Coated sheet trade case and plate expiry review move forward in Canada
The latest in the new coated steel investigation and the expiry review of steel plate from six countries.
Unions in the US and Canada decry Trump tariffs on Canadian steel
Unions members on both sides of the US-Canada border are speaking out against President Trump’s tariffs on Canadian steel. They say the tariffs threaten to disrupt supply chains and subvert decades of economic cooperation. The United Steelworkers (USW) has more than 850,000 total members in North America, with 225,000 in Canada.
Wittbecker on Aluminum: Canada’s options to combat US tariffs
The problem is that the situation in Washington is so fluid that no one really knows what to expect
Steel groups from Canada, Mexico, Europe call for tariff retaliation
While American steelmakers welcome the revival of the Section 232 tariffs on steel and aluminum imports, other nations' steel industries are calling for retaliation against President Trump's unilateral action of upping the levies on trading allies and removing all product exemptions.
Community Chat on Feb. 19: CRU's Josh Spoores to talk tariffs, prices, and the outlook for '25
Josh Spoores, principal analyst at CRU, will be the featured speaker on the next SMU Community Chat webinar on Wednesday, Feb. 19, at 11 a.m. ET. The live webinar is free. A recording will be available for free to SMU members. You can register here.
Trump says Nippon will 'invest heavily' in USS rather than buy it
Nippon Steel has agreed to “invest heavily in U.S. Steel as opposed to own it,” President Donald Trump said on Friday during a press conference with Japanese Prime Minister Shigeru Ishiba. U.S. Steel is “a very important company” and was once “the greatest company in the world”. Of potential foreign ownership of the Pittsburgh-based steelmaker, Trump said, “the concept, psychologically, not good."