Steel News Updates

Prime Minister Mark Carney unveiled a C$9 billion partnership with Ontario to support the province’s tariff-battered steel and auto industries.

Stelco announced layoffs it attributed in part to President Donald Trump’s tariffs. Carney also threatened legal action.

The two nations are working on the details of an agreement that would cut U.S. tariffs on light vehicles to 15% from the current 25%.

Trump said the plant, when completed, would produce 10 million tons of steel a year using iron ore from one of the company’s Minnesota mines.

The move under discussion would generally halve U.S. tariffs on imports of the two metals, which currently face a 50% rate.

The goal is to preserve preferential treatment for steel produced in the U.S., Mexico and Canada, while applying a common external barrier to China.

The facility at the Big River Steel Works in Osceola will supply an intermediate product known as direct reduced iron to the site’s existing electric arc furnaces.

CEO Lourenco Goncalves cited improving U.S. steel prices and stronger demand from the American auto industry.

Union Pacific has secured long-term access to U.S.-made steel rail through a new seven-year contract with Rocky Mountain Steel Mills.

A senior official cast the changes as necessary to simplify the policy and provide more fairness to businesses grappling with President Trump’s tariffs.