Cleveland-Cliffs (CLF) Chief Executive Lourenco Goncalves urged the Canadian government to impose "significant" trade protections, especially on steel imports, to protect the country's domestic steel industry, according to an earnings call transcript from FactSet.

Goncalves said Monday Canada is a net importer of steel similarly to the US and that it is "being taken advantage of" by foreign steelmakers even with the government's latest attempts to stop "unfair trade."

The Canadian government's latest actions only cover 70% of steel imports into the country as Canada insists on allowing free trade agreements countries to continue using Canada as "their outlet for overproduction," Goncalves said.

Goncalves cited import data for the US, which he said clearly shows that Section 232 tariffs are "having a positive impact," on steel as well as on the automotive sector.

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