Spend money on steel, Chamber tells feds

NEWS RELEASE

SAULT STE. MARIE CHAMBER OF COMMERCE

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The Sault Ste. Marie Chamber of Commerce (SSMCOC) is joining with its counterparts in Hamilton and the Windsor-Essex Region to urge the Canadian Government to focus policy efforts for a Canadian steel industry strategy.

The three Chambers have each lent their names to a policy resolution to be submitted for discussion at the 2016 Canadian Chamber of Commerce (CCC) Annual General Meeting, taking place September 17-19 in Regina, SK.

If adopted by the CCC, the resolution, and the recommended actions contained in the resolution, would become one of a number of key priorities identified by the Canadian Chamber and form part of the framework for the advocacy efforts undertaken by the organization at the national and federal level.

On the importance of bringing the current challenges faced by the steel industry forward to the attention of the Chamber’s nation-wide network, SSMCOC President Paul Johnson says that the importance of the steel industry in the overall health of the Canadian economy cannot be overlooked.

Johnson notes that recent studies have shown that Canadian steel producers create over 22,000 direct and more than 100,000 indirect jobs through nineteen facilitates across five provinces, with over $14 billion in annual sales. He adds that “the economic impact grows exponentially with steel’s role in supplying industries like automotive, aerospace and oil and gas manufacturing across Canada. According to one study, the steel industry has a multiplier of approximately 3.3:1; meaning that every direct job within the industry supports 3.3 jobs in other sectors.”

The resolution which will be submitted to the Canadian Chamber states:

Support the Canadian Steel Industry and its Supply Chain Clusters

The Canadian steel industry is a cornerstone of our national economy. It constitutes not only steel producers, but also the role it plays as a supplier and innovator for numerous manufacturing industries across the country. Recently, a combination of increased regulation, the instability of the global market economy and unfair market behaviour by foreign competitors has led to a sharp decline in their ability of our steel industry to compete globally.

The Windsor-Essex, Hamilton and Sault Ste. Marie Chambers recommend that the federal government focus public policy and investment efforts toward the steel industry, its natural clusters and the innovation it creates. This includes addressing ongoing unfair trade practices by foreign nations.

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