Tag: Canada

Canada has implemented tariff-rate quotas (TRQs) on steel imports to help stabilize its domestic market.

Atlas Holdings said it has signed a definitive agreement to acquire Evraz North America (Evraz NA). The Greenwich, Conn.-based private equity firm said it expects the deal for the Chicago-based steelmaker to close in the second quarter of 2025 subject to various closing condition.

The Canadian steel industry is bracing for thousands of job losses because of US tariffs, the Canadian Steel Producers Association says.

CSPA, USW disappointed in Canadian government's actions on steel.

The moves include reciprocal procurement restrictions, import quotas, and the formation of stakeholder task forces for aluminum industries.

The actions, which includes tariffs, are necessary to protect the Canadian market from global overcapacity. They are also needed because other countries have redirected material to Canada as a result of higher US tariffs, Carney said.

Getting back to the price increases I mentioned at the top of this article, to what extent are they aimed at raising prices and to what extent are they aimed at stopping the bleeding that was happening in the second half of May, before President Trump announced the 50% tariff?

Trade talks are progressing between the US and the market is contemplating the future of Section 232 tariffs.

Hashing out duty costs

ArcelorMittal’s (AM) Hamilton location to be shuttered, wire production shifting to Montreal. 

US steel exports totaled 579,000 short tons (st) in April, according to US Department of Commerce data. That's the lowest monthly volume recorded since July 2020.

If we review the price trends for the last two years, we can see this year’s pattern following a similar path.

Meanwhile, several US trade groups applauded the latest trade announcement.

Oil and gas drilling activity declined in both the US and Canada this week, according to Baker Hughes.

Oil and gas drilling activity declined again this week in the US and Canada, according to Baker Hughes.

The volume of steel exported from the US marginally increased from February to March, according to the latest US Department of Commerce figures. Although up month over month (m/m), export levels have generally trended downward over the past year.  

US steel imports rebounded from February to March, rising to the second-highest monthly rate witnessed in the past ten months, according to final data recently released by the US Commerce Department. April license data shows that gain has likely been erased, with trade falling to the lowest rate of the year and several product categories hitting multi-year lows.

Meanwhile, its Canadian operations have been hurt by the broader tariffs proposed by the United States.

Canada’s Algoma Steel swung to a loss in the first quarter amid "market challenges," and the company now expects first steel production from its first EAF in the second quarter.

Oil and gas drilling activity was mixed this week, according to Baker Hughes. US rig counts expanded for a second straight week, while Canadian activity continued its seasonal slowdown of eight consecutive weeks.

Container shipping lines have sharply increased blank sailings on Transpacific routes in response to escalating trade tensions between the US and China.

After a hard drop in December — the worst since July 2021 — assembly numbers have climbed three months in a row. Sentiment remains tempered, though.

Oil and gas drilling activity eased for the third consecutive week in both the US and Canada this week, according to Baker Hughes. US rig counts remain just above multi-year lows, while Canadian activity continues its seasonal slowdown.

A counterintuitive aspect of the 25% tariffs on autos is these percentages are measured in value, not by weight or part count. That means a few costly imported parts can outweigh dozens of cheaper local ones – and vice versa.

The volume of steel exported from the US declined in February, reversing January’s surge, according to the latest US Department of Commerce figures. This comes just two months after export levels had fallen to a two-year low.

The Canadian steelmaker said its absorbing higher tariffs as it moves forward.

Canada imposes auto tariffs, while automaker Stellantis temporarily idles some plants.

During the chat, we’ll discuss trends in the North American sheet and plate markets, as well as the unique aspects of the Canadian market. We’ll talk all thing tariffs — and the timing couldn’t be better in the wake of Liberation Day on April 2.

The aluminum market is facing a wave of uncertainty following the latest Section 232 tariffs, leaving many in the industry asking the same key questions – from why the Midwest Premium isn’t reacting as expected to how these tariffs will impact Canada, value-added products, and scrap flows – there’s plenty to unpack. We’ve put together […]

Let's take a look at different tariff scenarios.