FOR IMMEDIATE RELEASE
EDMONTON, AB (February 21, 2025) – Waiward acknowledges the anticipated implementation of a flat 25% tariff on all steel and aluminum imports into the United States, effective March 12, 2025. This policy extends the scope of the 2018 tariffs under Section 232 of the Trade Expansion Act of 1962 and now includes downstream steel products, such as fabricated structural steel.
The expansion of these tariffs appears to be driven by growing concerns over Russian and Chinese steel products entering the U.S. through key trading partners, including Canada and Mexico. Other geopolitical and economic factors, such as the ongoing Russia-Ukraine conflict, Chinese steel overproduction, and concerns regarding boron content in Chinese steel, may also have influenced this decision.
The full impact on Canada’s steel industry remains uncertain as we await details on potential retaliatory measures, additional tariffs, or adjustments to the current policy. However, several key challenges are anticipated, which could negatively affect Canada’s steel fabrication industry and broader economy:
- Increased Costs and Reduced Production: Canadian steel mills, facing restricted access to the U.S. market, may be forced to scale back production. Industry leaders have already voiced concerns, including in recent discussions at the Canadian Steel Producers Association (CSPA) presentation at the Canadian Institute of Steel Construction (CISC) Regional Meeting. Production slowdowns could drive up domestic steel costs and increase reliance on alternative international suppliers, affecting pricing and delivery timelines.
- Decline in Demand for Canadian Fabricators: Canadian structural steel fabricators serving U.S. projects may see a reduction in demand, leading to a contraction of fabrication activity and potential adjustments in operations across Canada.
- Uncertainty for Canadian Capital Investments: With potential future tariffs looming, uncertainty persists regarding American fabricators supplying steel for Canadian projects and the impact on domestic steel costs. Economic instability may deter private-sector capital investment, slowing industrial growth.
The long-term implications of these tariffs could be significant, potentially resulting in steel mill and fabrication facility closures, reduced capital projects and investments, job losses, and a weakened industrial sector. Waiward remains committed to supporting Canadian producers and ensure fair trade practices with our partners.
We stand ready to engage with industry stakeholders and government representatives to explore measures that safeguard the competitiveness and sustainability of Canada’s steel sector.
Media Contact:
Grace Elliott
Manager, Marketing & Communications
Waiward Industrial
grace.elliott@waiward.com
About Waiward Industrial
For over 50 years, Waiward is a premier provider of structural steel fabrication, modular assembly, construction, and sustaining capital and maintenance services. We operate across Western Canada and provide solutions to various sectors, including energy, petrochemical and refining, mining, energy transmission markets, and clean technology. As one of Canada’s Best Managed Companies, our commitment to our customers and partners is our highest priority, as we work to provide quality products and exceptional service that exceed expectations. For more information visit, www.waiward.com or follow Waiward on LinkedIn, Twitter, Instagram, and Facebook.