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New regulation for Canadian steel importers

The Government of Canada decided that starting from November 2024, importers of steel products will be required to collect information about the country where the raw material was initially produced. With this new regulation, it is expected that companies will be less likely to import from outside the USMCA (US-Mexico-Canada) area.

New regulation for Canadian steel importers

Minister Mary Ng, responsible for International Trade, and Economic Development, stated that importers will need to provide "country of melt and pour" details to the Canada Border Services Agency when completing their customs declarations under the Steel Import Monitoring Program. In this case, Canada has taken an example from the United States, where such a provision is already in place.

Alan Kestenbaum, CEO of Stelco, noted this rule will not be profitable for metal trading companies to divide steel products in their warehouses into those smelted in North America and elsewhere and account for them separately. He further added that the introduction of such a rule in the United States has already led to a change in the preferences of companies.

Mary Ng, Minister of Export Promotion, International Trade and Economic Development stated: “Canada is implementing a predictable and transparent process for collecting melt and pour information, which will bring more reliability and resiliency to the North American steel supply chain. This is yet another step Team Canada is taking to support good jobs and strengthen our North American competitiveness.”

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SteelRadar Insight - Sayı 1 (Haziran 2024)

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