Canada, Mexico Steelmakers Refuse New US Orders [View all]
Source: Bloomberg
Some steelmakers in Canada and Mexico are telling customers that they are refusing new orders to the US on concerns that President Donald Trump soon will reimpose duties.
Canada’s Stelco has been telling US-based consumers it is pausing sales quotes, according to a person familiar with the matter. Mexico-based steel suppliers also stopped taking orders for material this week as they await potential action from Trump, according to Flack Global Metals, a large buyer.
Trump this week signaled plans to impose previously threatened tariffs of as much as 25% on Mexico and Canada by Feb. 1. While the two countries are exempt from a sweeping 25% steel tariff the US imposed during the first Trump administration, there’s increasing concern in the industry that the metal won’t receive a carve out.
“There’s a lot of trepidation and changing commercial policy by the Mexican steelmakers with regards to their approach to this market,” Jeremy Flack, chief executive officer of Arizona-based steel distributor Flack Global Metals, said in an interview. “They’re off balance because of this. They’ve gone from concerned to unconcerned to concerned again.”
Read more: https://www.bloomberg.com/news/articles/2025-01-24/canada-mexico-steelmakers-refuse-new-us-orders-as-tariffs-loom?leadSource=reddit_wall
Canada is our largest foreign import source of steel. Mexico is 3rd.
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