Quebec offers $100M to small firms affected by U.S. tariffs on aluminum, steel

MONTREAL — Quebec is offering $100 million in loans and loan guarantees to the smallest companies in the province’s steel and aluminum industries.

Economy Minister Dominique Anglade made the announcement late Monday after a meeting in Montreal with industry players as well as union representatives, employers and municipalities.

Canada, Mexico and countries in the European Union will no longer be exempt from U.S. import duties of 25 per cent on steel and 10 per cent on aluminum, which were imposed in March.

Unlike primary producers such as Rio Tinto, Alcoa and Aluminerie Alouette — which operate nine aluminum smelters in Quebec — smaller processors say they are not strong enough to absorb the 10 per cent tariff.