Metal & Oil & Gas News – Nctv.net
Minister for Canada’s economic development Mr Navdeep Bains as saying that the government plans to make a decision on safeguards against steel dumping in the coming weeks. Speaking at a summit in Hamilton, Ont., on the steel industry, Mr Bains said the government is looking at the data and feedback it received from recent consultations on how to protect industry from the risk of cheap steel imports, which has increased after the US imposed tariffs on foreign steel and aluminum earlier this year.
Mr Bains said that the government wants to act quickly on the risk, while also working to roll out a USD 2 billion financial aid package announced in late June. He said that major industry has already applied for more than a billion dollars worth of funding, while small and medium-sized businesses have applied for more than USD 100 million.
Efforts to protect Canada’s metal producers come after the US imposed duties in May on Canadian metal imports including 25 per cent on steel and 10 per cent on aluminum.
Talks with the US on metal tariffs come as separate negotiations on NAFTA continue in Washington.
Source : CTV NEWS
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