In conversation with MP Terry Sheehan today, through various government efforts, the time is ripe to invest in steel again.
Investors, potential investors, and restructuring investments are now safe with the efforts of Sheehan and the federal government.
The hard and fast of it is China has been slapped with a 351.4 per cent tarriff on line pipe products by Tenaris through the Canadian Steel Producers Association.
“The number one priority is improving the steel situation in Sault Ste. Marie,” said Sheehan.
The goal of the 2016 federal budget was to modernize the trade situation among other things.
22,000 middle-class jobs are related to steel, and 100,000 indirectly.
Sheehan was voted co-chair of the all-steel caucus to deal with the current economic climate with steel.
Page 128 of the budget was directed solely to the trade remedy situation.
It is committed to providing ammendments through the legislative process.
This is historical in nature because steel producers have not had that commitment in writing in over a decade, if ever.
“Canada is undertaking a whole review,” says Sheehan.
“Global C.E.Os are more likely to wait it out when the government is making steps.”
“It was an absolutely great week, this past week, for steel! Budget 2016 is the right budget for steel because it creates the foundation for legislative change for unfair steel trade practices.”
Sheehan says there has been 34 meetings in the past two days on The Hill on steel.
“We’ve been working morning, noon, and night on steel.”
Steel drives our economy in bridge building, highway building, automotive, and other basic infrastructure.
“Right now every region is challenged but steel has been on the front burner,” Sheehan says.