Addressing Canadian Prime Minister Mark Carney, Goncalves stated, "He is no longer a central banker, he is a prime minister. Now is the time to do what's right for Canada," emphasizing the need for the government to develop stronger trade policies for domestic industry.
Goncalves, who last year bought Stelco, one of Canada's leading steel producers, expressed his faith in Canada in a statement. However, he noted that increased foreign steel inflows into the country have negatively affected the market.
Goncalves stated during the earnings call on July 21, "The main reason I bought Stelco was my faith in Canada. But unfortunately, Canadian politicians don't seem to have enough faith in their own country,".
Canada, which has been experiencing tensions in trade relations with the US from time to time, decided last week to reduce the amount of steel that foreign importers can bring duty-free. The move was said to be aimed at preventing domestic producers from suffering further damage in the face of global competition.
“The Canadian market is self-balancing,” Goncalves told reporters, arguing that the country should only import as much steel as it needs. "The first thing to say to foreigners is: Get out of my market," Goncalves noted.
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