Thank you.
The other steel town is Sault Ste. Marie, home to Algoma Steel and Tenaris, which are very significant employers in our community, as well as for Canada. To your point, Algoma itself exports 50% of its steel to the United States.
We took some bold action to reduce the carbon our steel industry was producing, not just in Sault Ste. Marie but also in Hamilton. The Soo was the first to announce $420 million, which is going to be generational. I always mention this here at committee: When I was first elected, Algoma Steel was in bankruptcy and Tenaris had a handful of people. Tenaris now has 800 people, for example. We've been investing in modernizing it and producing less carbon for quite some time.
The question for you, Catherine, is this: How can we leverage the fact that our steel exports are some of the greenest around? When this project is complete at Algoma, 70% less carbon will be produced. That's like taking a million cars off the road. How can we leverage that with the EU under their CBAM framework?
I'll let the other witnesses take a stab at that, too.