Canadian Steel Producers Association Welcomes G7 Leaders' Declaration on Overcapacity

OTTAWA, ON, May 27, 2016 /CNW/ - The Canadian Steel Producers Association (CSPA) today welcomed the G7 Ise-Shima Leaders' Declaration, released at the conclusion of the G-7 Ise-Shima Summit in Japan.  The statement included specific recognition that global excess capacity in industrial sectors, especially steel, is a pressing structural challenge with global implications.

Joseph Galimberti, President of the CSPA, said, "Steel producers and steel workers in Canada know first-hand the damage our industry has suffered as the result of increases in unfairly traded imports which are the direct result of massive overcapacity in other countries.  We appreciate that G7 leaders have recognized this negative impact in their declaration and we welcome the commitment to move quickly in taking steps to address this overcapacity by enhancing market function through collective identification and elimination of state subsidies and support."

While steel overcapacity is a global problem which must be addressed collectively, the CSPA also believes the G7 declaration reinforces the importance of modernizing our domestic trade remedy system to ensure the Canadian steel market remains fair and competitive.  We commend the Federal government for its actions and commitments so far.

"The CSPA welcomed the Government of Canada's Budget 2016 commitment to taking steps to improve our ability to effectively remedy dumped and subsidized imports.  We recognize the legislative first steps which have already been taken in this regard and we are hopeful that additional much needed modernizations can be announced and implemented as soon as possible," said Mr. Galimberti.  "Growing international recognition of overcapacity, and the steady rise in market distorting trade which has resulted, also means Canada should be taking steps to make sure our own market allows Canadian  companies and their employees a chance to compete fairly.  We have appreciated the Trudeau Government's leadership in this regard and look forward to additional action shortly."

About CSPA:

The Canadian Steel Producers Association (CSPA) is the national voice of Canada's $14 billion primary steel production industry. Canadian steel producers are integral to the automotive, energy, construction, and other demanding industrial supply chains.  CSPA seeks to work with governments and industry partners to advance public policies that enable a globally competitive business environment for its member companies and supply chain stakeholders.

SOURCE CANADIAN STEEL PRODUCERS ASSOCIATION

Media Contact: Joseph Galimberti, President, Canadian Steel Producers Association, 613-238-6049