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Canadian steel stocks are expected to trade higher after the federal government announced a package of support measures aimed at strengthening the domestic steel industry and offsetting the impact of U.S. tariffs.
Under the plan, Canada will tighten import controls and enhance protection for domestic producers, including quota cuts on steel imports, a new 25% tariff on selected steel-derivative products and stronger border measures to curb dumping. The government will also work with railways to reduce freight rates for inter-provincial transport of Canadian steel and lumber, improving the cost competitiveness of locally produced material from early 2026.
Shares of key Canadian steel companies such as Algoma Steel Group, Russel Metals and Stelco Holdings rose following the announcement, as investors anticipated improved domestic demand and pricing conditions for Ontario-made steel products. Analysts noted, however, that while the measures are supportive for sentiment and margins, structural oversupply in the Canadian steel market may continue to cap sustained price gains, keeping the medium-term outlook cautious.
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