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Canada Will Pay Half For Steel Shipping

Ottawa is putting $100 million behind an attempt to change the economics of where Canadian manufacturers buy their steel, offering to reimburse half the eligible cost of moving domestically produced material across the country as US tariffs squeeze Canadian mills’ access to their largest foreign market.

Transportation Minister Steven MacKinnon announced the freight rebate program Monday, in which manufacturers can claim 50% of eligible rail or marine transportation costs for qualifying steel that originates in Canada and is shipped to another Canadian destination, according to The Canadian Press.

Ottawa’s stated objective is to make domestic suppliers more attractive to Canadian manufacturers that might otherwise source steel from the US or other foreign markets. Applications opened Monday and the program will remain available into next summer or until its funding is exhausted.

You can read more on the matter here.

What’s going on?

• Top Republican Wants Trump To Do A Biden On China Chip Policy To Avoid Huawei Loophole (theDeepDive)

• Carney's lead over Poilievre may be more about vibes than policies, new poll suggests (NP)

• Colombia’s Choco Region Rocked by 7.4-Magnitude Quake as Bogota Evacuates (theDeepDive)

• Ottawa sanctions armoured vehicle company owned by Russian Canadian (GN)

• Trump Commits Over $2 Billion to American Mining in Sweeping Package (theDeepDive)

• In this Canadian city, rent gobbles up 95% of a full-time, minimum-wage earner's working hours (FP)

• Zuckerberg’s Team Denies His Yacht Ignored an Alaska Rescue Call (theDeepDive)

• N.S. court approves $18-million settlement in 2015 Air Canada crash landing (Globe)

• Central African Republic Opens Criminal Probe Into Swiss Geologist’s Killing (theDeepDive)

What’s the latest?

• Tech: Nvidia is working with major financial firms including Apollo, Blackstone, BlackRock, Brookfield, Goldman Sachs, and KKR on a potential US$500B financing package for AI infrastructure. Big Tech AI spending is expected to exceed US$730B this year, while Nvidia recently announced plans to raise US$25B through U.S. bonds to boost liquidity.

• Economics: Canada is launching a $100M rebate program covering 50% of freight costs for eligible Canadian steel shipped between provinces and territories by rail or ship. The program runs for one year, with individual companies capped at $50M, aiming to reduce reliance on U.S. imports amid tariffs and strengthen domestic steel demand.

• Markets: Canada’s S&P/TSX rose 62 points to 36,443.23, helped by energy stocks, while U.S. markets were mostly flat. The Canadian dollar edged up to 71.77 US cents, while WTI crude jumped US$2.69 to US$80.87/bbl and gold rose US$6.40 to US$4,406.10/oz.

• Politics: Trump extended the Jones Act waiver for another 90 days, starting Aug. 17, allowing foreign ships to transport energy and agricultural commodities between U.S. ports. The move reflects continued supply concerns as the Strait of Hormuz remains effectively closed, with the White House saying the waiver has increased domestic deliveries of gasoline, diesel, and jet fuel.

• Real Estate: Toronto announced $2.7B for 18 rental-housing projects, including $310M for ~1,900 homes on city land and $1.8B in low-interest loans to private developers expected to produce ~3,700 units. Tenant groups oppose the private financing because most new units would generally be exempt from Ontario’s rent-increase guideline, while CMHC argues the loans are needed to address the housing shortage.

The Fed Panic That Sends Silver Berserk

The stock market and stuff

• GameStop May Drop eBay Bid and Seek Board Seats Instead (theDeepDive)

• Boeing Sells Air Taxi, Drone, Software Businesses for 19.75% Equity In Archer (theDeepDive)

• U.S. oil rises back above $82 as doubt grows Washington and Tehran will reach Hormuz deal (CNBC)

• SpaceX Powers Ontario Teachers’ $26.6B H1 2026 Gain (theDeepDive)

• Glencore’s Alleged Exposure To Radiant World Up To $800M; CEO Says “Not Material” (theDeepDive)

• Barrick Lifts Gold Production 11% While Unit Costs Rise (theDeepDive)

In the juniors

• Goliath Grows Golden Gate by 320 Metres; Stifel Pushes C$4.25 Price Target (theDeepDive)

• White Gold Charts 9.4 Year, 188,000 Ounce a Year Mine in Maiden Study (theDeepDive)

• First Phosphate Begins Trading On The Nasdaq Global Market (theDeepDive)

Dive. Canacom Group is currently long the equity of Antimony Resources. The author has been compensated to cover Antimony Resources on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security.