MNI BRIEF: Text Of StatsCan Focus On Metals And Tariffs

Focus on Canada and the United States

Spotlight on iron and steel mills and ferro-alloy manufacturing and steel product manufacturing from purchased steel

In 2023, the most recent year covered by the value added in exports database, 43% of the output of the steel product manufacturing from purchased steel industry group was attributable to direct exports to the United States, underlying its reliance on the US market. Similarly, 36% of the output of the iron and steel mills and ferro-alloy manufacturing industry group was attributable to direct exports to the United States.

In July 2025, the most recent month for which value-added by industry estimates are available, activity in iron and steel mills and ferro-alloy manufacturing was 24.8% below February's level, before the introduction of the 25% tariff on US imports of steel on March 12, 2025. The industry group posted five monthly declines since the beginning of 2025, with activity contracting the most in July (-19.1%), following the doubling of the tariff rate to 50% on June 4. Activity in steel product manufacturing from purchased steel (-2.9%) also contracted in July but was 6.4% above February's level.

Exports of unwrought iron, steel and ferro-alloys declined since April, with the export volume for the commodity in July 25.5% below its February level. Similarly, the export volume of basic and semi-finished iron or steel products in July was 34.4% below its February level.

Based on the Survey of Employment, Payrolls and Hours, employment in the iron and steel mills and ferro-alloy manufacturing industry group in July was little changed from the February level, while employment in the steel product manufacturing from purchased steel industry group was 2.5% below the February level.