Latest news with #BarryZekelman
CBC
a day ago
- Business
- CBC
What are steel CEOs calling for from the government after U.S. tariffs double?
Chief political correspondent Rosemary Barton speaks with executive chairman and CEO of Zekelman Industries Barry Zekelman about what major Canadian steel CEOs called for in their meeting with Industry Minister Mélanie Joly and how the latest increase to U.S. tariffs on steel is impacting the industry in Canada.
Globe and Mail
03-06-2025
- Business
- Globe and Mail
Canadian steel tycoon Barry Zekelman backs Trump, takes aim at Carney in escalating trade war
Canadian billionaire steel tycoon Barry Zekelman is cheering on Donald Trump's plans to jack up tariffs on Canadian steelmakers, and is blaming Canada for bringing the problem on itself by failing to crack down on foreign dumping into the domestic market. Mr. Trump on Friday said that on Wednesday he would double the tariff on all steel imports to 50 per cent from 25 per cent, a level that is already inflicting huge amounts of damage on the Canadian steel industry. On Tuesday, White House press secretary Karoline Leavitt confirmed the President would go ahead with the tariffs. 'It hurts me in Canada, but what he's trying to do is force Canada's hand,' said Mr. Zekelman in an interview. 'He's trying to say, 'Look, guys, you haven't fucking woken up. So now I'm going to force you to wake up.'' Mr. Zekelman was born in Windsor, Ont., and took over Zekelman Industries in 1986 after the death of his father. The privately held company is the largest independent steel pipe and tube manufacturer in North America with annual sales in excess of US$5-billion. Zekelman Industries has 22 plants in the U.S., and a major operation in Canada. Mr. Zekelman also owns an equity stake in Canadian steel maker Algoma Steel Group Inc. Mr. Zekelman says Canada is allowing a huge influx of cheap dumped foreign steel to flood the market, which is forcing domestic steelmakers to aggressively compete in the U.S., and that in turn is hurting the American steel sector and angering Mr. Trump. 'I'm frustrated with the Canadian government too,' he said. 'Now they're going to be faced with no choice. They're faced with shutting Algoma, or shutting Stelco, or both.' Michael Garcia, the chief executive of Sault Ste. Marie, Ont.-based Algoma Steel Group Inc., on Monday told The Globe and Mail that barring a massive run-up in the price of steel, a 50-per-cent tariff in the U.S. would put it out of business in that market. Catherine Cobden, president of the Canadian Steel Producers Association in an interview substantiated Mr. Zekelman's assertion that foreign dumping of steel is causing a huge amount of damage to the Canadian steel sector. Algoma's CEO has also pointed out that producers from China, South Korea, Malaysia, India, Vietnam, the Middle East and Turkey regularly dump steel into Canada. Ms. Cobden said the current system that investigates alleged dumping on a case-by-case basis takes far too long. Based on ample evidence of multiple infractions, tariffs should be brought against countries, as opposed to only targeting individual companies, she said. Mr. Zekelman is critical of Prime Minister Mark Carney of taking too soft an approach towards foreign dumping, but he also questioned his tactic of aggressively standing up to the U.S. 'He's hanging us out to dry because he wants to put his elbows up against Donald Trump,' said Mr. Zekelman. 'All right, knock it off. Get in line with the U.S. and be good trading partners and friends and have a North American fortress of trade against all of the other bad actors in the world.' Mr. Zekelman said that he doesn't feel in the least bit conflicted as a Canadian coming out so much in favour of Mr. Trump, an American who has caused huge anxiety for millions of Canadians and inflicted untold damage on its export sector. He cites the company's plant in Canada, as well as 'the money I've donated back, the taxes I've paid, what I've done for communities, the people I've employed, the business I built for 40 years.'
