Madam Speaker, I thank my hon. colleague for her question.
The steel industry in Canada and around the world is feeling the effects of flagging investment in the energy sector, the economic slowdown in China, uncertainty in several regions, and the inter-related global problems of overproduction and overcapacity.
As everyone knows, I was born in Port Colborne, Ontario. Algoma Steel was around then, as was Atlas Steels in Welland. They no longer exist by those names.
Steel production is a major economic activity in Canada. In 2015, the sector had nearly 17,000 Canadian jobs, generated $11 billion in revenue, and accounted for $2.6 billion of Canada's GDP. Canadian steel mills make a significant contribution to local economies, but they are also part of the North American integrated supply chain.
The government is determined to support this industry and ensure its viability using a number of tools.
One of those tools, a strong trade remedy system to prevent unfairly undervalued or subsidized products from entering the Canadian market, is essential. The system enables Canada's industry to compete with others on a level playing field and attract investment in North America. Canada has implemented trade measures for 12 steel products in order to protect our producers.
The government responded to the administrative and legislative proposals made by the steel industry to enhance Canada's trade remedy system. Two proposals were implemented in the budget implementation act and others were subject to consultations, which were completed on June 29. The government is currently analyzing the requests that came out of those consultations. What is more, the Standing Committee on International Trade is committed to conducting a study on the steel industry.
On an international level, the issue of global overcapacity was discussed during the G20 summit in Hangzhou on September 4 and 5. As part of that event, the Prime Minister and other leaders recognized the problem of overcapacity in the steel industry. This acknowledgement was an important step since China, the world's leading steel producer, agreed to work on increasing its efforts on exchanging information and co-operation. In light of the leaders summit, the G20 countries and the OECD are making efforts to establish a global forum on steel overcapacity. The Minister of International Trade is following this file closely, because she is aware of the need to take action quickly regarding this problem. Preparations for the first meeting are going well and Canada will attend.
The government has been working hard at home and abroad on resolving trade problems affecting Canadian producers in order to create an environment where the steel industry can continue to make an important contribution to Canada's economy.