Canada to offer aid to steel, aluminum industries: source

Canada to offer aid to steel, aluminum industries: source

Canada will offer an aid package worth between CUS$500 million (US$376.87 million) and CUS$800 million to help steel and aluminum industries and workers who have been hit by U.S. tariffs, a source familiar with the matter said on Thursday.

A garbage bin with the words "STEEL MY JOB!" painted on it sits in a storage yard where s
FILE PHOTO: A garbage bin with the words "STEEL MY JOB!" painted on it sits in a storage yard where structural steel is loaded onto a truck in the portlands of Hamilton, Ontario, Canada, March 9, 2018. REUTERS/Peter Power

OTTAWA: Canada will offer an aid package worth between CUS$500 million (US$376.87 million) and CUS$800 million to help steel and aluminum industries and workers who have been hit by U.S. tariffs, a source familiar with the matter said on Thursday.

Foreign Minister Chrystia Freeland is due to make the announcement on Friday, said the source, who declined to be identified because of the sensitivity of the situation. The aid would be spread over several years.

Freeland's office did not immediately respond to a request for comment.

The source said the assistance would be similar to an CUS$867 million package offered to Canadian softwood lumber producers in 2017 after Washington imposed tariffs.

That took the form of loans, loan guarantees, commercial financing and support to help firms expand overseas markets. It also included money to help affected workers learn new skills and provided support for work-sharing agreements.

U.S. President Donald Trump imposed tariffs on Canadian steel and aluminum last month, citing national security reasons.

Canada promised to react by imposing retaliatory tariffs on CUS$16.6 billion worth of U.S. exports and Freeland is due to outline exactly which goods will be hit, said the source.

(Reporting by David Ljunggren; Editing by Lisa Shumaker)

Source: Reuters

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