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Globe and Mail
6 days ago
- Business
- Globe and Mail
A limit on foreign steel imports, Canada's slowed population growth and DHL suspends operations: Business and investing stories for the week of June 22
Getting caught up on a week that got away? Here's your weekly digest of The Globe's most essential business and investing stories, with insights and analysis from the pros, stock tips, portfolio strategies and more. Canada plans to adjust countertariffs on U.S. steel and aluminum imports on July 21 to new levels that will depend on how trade talks are going, Prime Minister Mark Carney said in a news conference in Ottawa on Thursday. This is the first major trade announcement from Mr. Carney's government since this week's G7 summit in Kananaskis, Alta, where his office said he and U.S. President Donald Trump had agreed to work toward a comprehensive trade and security deal within 30 days. Ottawa also announced that it will attempt to limit steel imports from countries that don't have free-trade agreements with Canada to 2024 levels. As Niall McGee reports, that includes China, India, Taiwan, Turkey and Russia – and they have been accused of selling the metal at an artificially low price to gain market share (a practice known as dumping). If this group of countries exceeds 2024 steel shipment volumes, a 50-per-cent tariff will apply. But Algoma Steel Group Inc. chief executive Michael Garcia says the federal government's quotas still fall far short of what is needed during the vicious trade war. Canada Post said it has reached a contract deal with its second-largest union after 18 months of negotiations. The agreement with Canadian Postmasters and Assistants Association covers about 8,500 employees, who mostly manage post offices in rural Canada, and includes an 11 per cent wage increase over the next three years. Canada Post still hasn't reached a deal with the primary union representing about 55,000 postal workers, the Canadian Union of Postal Workers. Given the impasse, the federal government intervened last week to force unionized Canada Post workers to vote directly on the latest offers from the postal service, though no date has been set. Meanwhile, DHL Express suspended operations across Canada on Friday after a heated labour dispute and the implementation of a new federal law that bans the use of replacement workers during strikes. The U.S. trade war is affecting Canada much worse than Mexico, especially looking at data about commercial trucks and overall trade flow. According to new data on border traffic released by U.S. Customs and Border Protection, the number of commercial trucks entering the U.S. from Canada fell 10.5 per cent in May from the year before. By comparison, the number of U.S.-bound trucks from Mexico declined by a more modest 2.8 per cent last month. A similar pattern has played out in trade flows. In April, U.S. imports from Canada fell 14.4 per cent from the same month in 2024, compared with a 2.7-per-cent decline in imports from Mexico. Jason Kirby takes a closer look at the numbers in this week's Decoder series. Canada's population barely grew in the first quarter of this year as tighter immigration policies slowed the number of new arrivals, according to data from Statistics Canada. Between Jan. 1 and April 1, 2025, the overall population grew by just 20,107 people to roughly 41.55 million, Vanmala Subramaniam reports. By comparison, the population jumped by an average of 217,000 people a quarter from 2021 to 2024 – raising widespread concerns about access to housing and health care and forcing the federal government to implement new restrictions on migration, particularly for temporary residents. The Statscan data also showed that the number of temporary residents fell for a second consecutive quarter. As of April 1, there were 61,111 fewer temporary residents in Canada, compared with the start of the year. The largest decrease in temporary residents came from those holding study permits. There were about 53,000 fewer international student visa holders in the first quarter of this year, compared with the previous quarter. A Bay Street veteran and financial commentator is speaking out after finding himself at the centre of an alleged online 'pump and dump' scam that used his identity to defraud some investors out of hundreds of thousands of dollars. David Rosenberg, an economist and founder of Rosenberg Research, said ads appearing on Facebook and Instagram as early as March have promoted a fake investment program falsely listing him as its administrator. Since then, he's heard from several individuals who lost money to the scheme, a sum Mr. Rosenberg said he believes exceeds $1-million, though the total amount is unknown. Mariya Postelnyak shares his story. Get the rest of the questions from the weekly business and investing news quiz here, and prepare for the week ahead with The Globe's investing calendar.
Edmonton Journal
19-06-2025
- Business
- Edmonton Journal
Canada to retaliate against U.S. steel, aluminum tariffs if Carney, Trump can't reach deal
Article content The Carney government will also set new tariff rate quotas of 100 per cent of 2024 levels on imports of steel products from non-free trade agreement partners. NDP Leader Don Davies said in a media statement Thursday that the Liberal government is only taking baby steps to address the crisis. He called for an emergency response plan packed with supports for workers. 'They're taking one small step after another, which won't make a meaningful difference and will ultimately cost many workers their jobs,' Davies said. Two weeks ago, when Trump increased the tariff rate, the Canadian Steel Producers Association — whose members include Algoma Steel, ArcelorMittal, Rio Tinto and Tenaris — immediately called on Carney to hit back with new tariffs and warned that Canada was being edged out of the U.S. market. They met with Industry Minister Melanie Joly, who said on June 4 the government 'will take a decision but we need a bit more time right now — not too long.'
Globe and Mail
19-06-2025
- Business
- Globe and Mail
Canada to limit foreign steel imports to help producers hit by U.S. tariffs
Prime Minister Mark Carney is taking action to crack down on the dumping of cheap foreign steel into Canada to help the country's big three steel producers reeling from U.S. President Donald Trump's 50-per-cent tariffs. Mr. Carney in a press conference in Ottawa on Thursday said the government will limit steel imports from countries that don't have a free trade agreement with Canada to 2024 levels. He said the move will 'stabilize the domestic market and prevent harmful trade diversion as the result of the U.S. actions that are destabilizing markets.' Trump in early June doubled tariffs on steel imports to 50 per cent. The Canadian Steel Producers Association, which represents 17 companies, including Algoma Steel Group Inc., Dofasco and Stelco, has repeatedly advocated for antidumping duties to help ease the pain of the U.S. tariffs on Canadian steel producers. Algoma Steel Group Inc. chief executive Michael Garcia has argued on multiple occasions that mills from China, South Korea, Malaysia, India, Vietnam, the Middle East and Turkey regularly dump steel into Canada. That makes it nearly impossible for the company to compete in its home market at a time when the U.S. market has become unviable owing to Mr. Trump's tariffs. He pleaded for the government to immediately place anti-dumping tariffs on the offending countries. Dumping is selling at an artificially low price to gain market share. About 60 per cent of the domestic steel market is controlled by foreign producers. Mr. Carney said that on July 21 Canada will adjust counter tariffs placed on U.S. imports of steel and aluminum to levels that will depend on how ongoing trade talks with the Trump administration are going. When Mr. Trump first imposed 25-per-cent tariffs on Canadian steel imports in March, Ottawa responded by imposing reciprocal tariffs on imports of U.S. steel. But Canada subsequently granted a tariff reprieve on some products coming from the U.S., including steel used in manufacturing and processing. Earlier this week at the G7 summit in Alberta, Mr. Carney said that he and Mr. Trump had agreed to work on a deal that would see the trade war end within 30 days. The government on Thursday also said that effective June 30 it will limit its steel purchases for federal projects to domestic producers and to foreign countries that provide reciprocal access to Canadian companies.
CTV News
10-06-2025
- CTV News
Algoma Steel sues contractor for $2M related to workplace fatality
Algoma Steel is suing GFL Environmental for $2 million in connection with the 2023 death of a GFL worker in 2023 at the steel mill. Algoma Steel is suing GFL Environmental for $2 million in connection with the 2023 death of a GFL worker in 2023 at the steel mill. Damien Bryant, 21, of Sudbury, was working at the steel plant as a contractor for GFL in June 2023 when he lost consciousness while cleaning the coke oven at the plant. He later died in hospital. Damien Bryant Damien Bryant was working at the steel plant as a contractor for GFL Environmental in June 2023 when he lost consciousness while cleaning an out-of-service gas line. He later died in hospital. (File) Ontario's Ministry of Labour charged the steelmaker with three violations under the Occupational Health and Safety Act in May 2024 in connection with Bryant's death. Algoma Steel was charged under section 25 of the Occupational Health and Safety Act, including one count of failing to provide information, instruction and supervision to a worker to protect the health and safety of a worker in a confined space. The company was also charged with failing to ensure that the provisions of s. 4(2) of Ontario Regulation 632/05 were complied with and for failing to ensure that the provisions of s. 17 of Ontario Regulation 632/05 were complied with. In a statement to CTV News, Algoma said it contracted GFL in June 2023 'to perform specialized work under their supervision.' Algoma not the direct employer 'Tragically, a GFL worker lost their life during the performance of that work,' the statement said. 'This loss is deeply concerning, and our thoughts remain with the individual's family, friends, and colleagues.' 'Despite not being the direct employer of the individual involved, Algoma Steel is the only party that has been charged in connection with this incident,' the statement continued. 'We are defending ourselves against these charges and have filed a civil claim to ensure that the legal process fully and fairly considers the roles and responsibilities of all parties involved.' None of the allegations in the lawsuit have been tested in court. In the suit, Algoma Steel said GFL was selected and paid specifically for its professed competence and experience in performing such high-risk tasks. However, the lawsuit said, GFL failed to comply with terms of its purchase order, including performing services in compliance with safety measures, ensuring its personnel were trained, and have the required skills to perform the services. Specifically, GFL knew that workers should never enter the confined space of the coke oven gas main, because of the toxic air from the sludge. 'Despite this, on June 12, 2023, one of GFL's workers entered the coke oven gas main,' the lawsuit said. 'The individual asphyxiated in the coke oven gas main and was taken immediately to hospital where he was pronounced deceased.' 'Assume all liability' GFL's contract with Algoma stated that it would comply with 'relevant health and safety standards, regulations and legislation,' the suit said. 'GFL agreed to assume all liability under the Workers Compensation Act and carry public liability insurance with limits satisfactory to Algoma's insurance department, as well as comply with all safety rules and regulations.' The statement of claim states that GFL 'is required to indemnify Algoma for all damages, losses, expenses and costs incurred as a result of the breaches of the purchase order.' The steelmaker is also asking that the trial be held in Sault Ste. Marie.
Globe and Mail
06-06-2025
- Business
- Globe and Mail
What our forebears built, tariffs will break. We must defend the Canadian steel industry
Matthew Shoemaker is the mayor of Sault Ste. Marie, Ont. In the 1890s, a Maine entrepreneur backed by financiers from Philadelphia and New York arrived on the north shore of Lake Superior, seeking opportunity where others saw decline. That man, Francis Clergue, found it in a fur-trading post named Sault Ste. Marie. Though industry had yet to take root, Mr. Clergue saw potential in the rapids, and the promise they presented of cheap, renewable power. Over the next decade, his vision transformed the region. The half-finished hydroelectric dam was completed, and another was built across the river on the American side. A steel plant, a paper mill and a railway up to Wawa, Ont., and beyond to mine iron ore followed. What had been the Canadian hinterland became a hub of cross-border industry, powered by shared natural resources and ambition. Today, more than a century later, that legacy endures. The hydroelectric dams in both Sault Ste. Marie, Ont., and Sault Ste. Marie, Mich., still generate power. The steel plant has gone through many ups and downs but survives as Algoma Steel Group Inc. And the industrial bond across the Great Lakes remains one of North America's most tightly woven economic fabrics. But now, that shared prosperity is under threat. Carney faces pressure to retaliate against Trump's steel, aluminum tariffs Algoma Steel CEO says 50% tariffs threaten viability in the U.S. In his second presidency, Donald Trump has returned to steel tariffs – this time with greater ferocity. Initially reinstated at 25 per cent in March, the steel tariffs doubled to 50 per cent on June 4. The consequences for producers such as Algoma Steel could be devastating and trigger an economic crisis unlike anything seen in living memory. To prevent that, both the federal and provincial governments must act quickly – not just to negotiate a resolution with the Trump administration, but to support workers and industries in the meantime. When tariffs were 25 per cent, Ottawa and Queen's Park had time to deliberate. At 50 per cent, the luxury of time is gone. Immediate relief is essential for steel hubs such as the Soo, Hamilton and Regina – all cities that punch above their weight in the North American steel trade. Algoma sources much of its iron ore from producers in the United States. Dozens of freighters make the daily passage across the Great Lakes, delivering U.S.-mined ore through the locks at Soo Michigan to the Canadian steelworks. That steel then flows back south and gets manufactured into Ford Broncos, Teslas, water heaters, steel beams and countless products made and sold by American companies. The integration doesn't end there. Canadian steel worker wages ripple across the border, too, and get spent at Michigan restaurants, department stores and tourist destinations such as Mackinac Island, Petoskey and Traverse City. This is what an integrated and mutually beneficial economy looks like. A 50-per-cent tariff severs more than trade routes: it breaks supply chains, undermines jobs on both sides of the border and risks inflaming economic nationalism. The U.S. doesn't produce enough steel to meet its own needs. Therefore, unless capacity expands dramatically, tariffs will simply raise prices, reduce supply and shift job losses from one sector to another. We've seen this before. During Mr. Trump's first round of steel tariffs in 2018, the U.S. steel industry gained 8,000 jobs. But manufacturers that depend on steel shed 75,000. Put another way: the job losses were nearly 900 per cent more than the job gains – a painful price for a short-lived political win. Communities like Sault Ste. Marie have weathered hard times before. To use an apt pun, we've developed spines of steel. But a 50-per-cent tariff on our largest export could have a ripple effect on both the Canadian and American economies. If we don't protect this interconnected system now, we risk unravelling decades of economic integration. And we may find ourselves forced to adopt the same protectionist policies we currently condemn, simply to rebuild what we've lost. Mr. Clergue came to the Great Lakes to build industry on the Canadian shores that would enrich his American financiers. We should use the success he left behind as an example – one that can guide us toward continued mutual benefit.
