The Globe and Mail reports in its Thursday edition that when U.S. President Donald Trump levelled tariffs on global steel and aluminum, there was a sense of deja vu for the steel industry. The Globe's Niall McGee writes that Canadian steelmakers endured a 25-per-cent tariff for about a year during Mr. Trump's first term. However, back in 2018, steel-products companies, such as National Steel Car, were exempt. This time, Mr. Trump's tariffs are across the board in steel, and include both the primary steelmakers as well as the finished steel-products companies. For instance, National Steel Car sells up to 90 per cent of the company's output of freight railcars into the U.S. market. Michael Garcia, the chief executive officer of Algoma Steel, said the Trump tariffs are making the company compete harder to win domestic business. Algoma is highly dependent on the U.S. market, the source of about half of its revenue. However, about half of the steel bought by Canadian customers is foreign, meaning there is a big market to go after. "We are scanning the market aggressively, talking to anybody in Canada that's buying steel, and if they aren't buying Canadian steel or Algoma steel, we want to have a conversation," he said.
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