Cleveland-Cliffs CEO Urges Canada to Hike Steel Tariffs
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Cleveland-Cliffs Inc.’s CEO Lourenco Goncalves is calling on Canadian Prime Minister Mark Carney to implement punishing steel import tariffs to protect the nation’s industry.
The notoriously combative U.S. executive and vocal public supporter of President Donald Trump said July 21 that Carney and his cabinet should enact “significant” trade protections for the nation’s steel industry.
Goncalves, who bought one of Canada’s biggest steelmakers last year, blamed foreign imports for hurting the Canadian market, though he didn’t blame American steel imports for the trouble.
“That was the main reason why I bought Stelco, because I believe in Canada. The problem is that apparently the Canadians, particularly the Canadian politicians, they don’t believe in Canada,” Goncalves said July 21 in an earnings call. “Let’s see how Prime Minister Carney will react. He’s not a central banker anymore. I don’t like central bankers, but now he’s a prime minister, so time to step up and do what’s necessary for Canada.”
The call for stringent levies on steel comes as Canada pushes to relax tariff levels imposed by the U.S. while carving out as many exceptions as possible. The country last week said it will reduce the amount of foreign steel importers can bring into the country tariff-free, a move to help Canadian producers suffering from Trump’s levies on the sector.
“Canada can fix themselves. They import an amount of steel into Canada that’s equivalent to the size of the Canadian market,” Goncalves said. “The very first thing they need to tell foreigners, get out of my market.”
Canada is the largest foreign supplier of steel to the U.S., according to U.S. Commerce Department data.
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