The federal government is ending tariffs and quotas on five key Canadian steel products, Finance Minister Bill Morneau announced late Friday, despite industry concerns over job losses.

The Trudeau government said it is allowing safeguards to expire on imports of concrete reinforcing bar, energy tubular products, hot-rolled sheet, pre-painted steel and wire rod ends, but will maintain safeguards on steel plate and stainless wire.

Ottawa’s decision comes after an April 3 report by the Canadian International Trade Tribunal, which found that final safeguards were warranted only for imports of those two types of metals.

The 25-per-cent tariffs were put in place last October to help protect against foreign steel being dumped in the Canadian market, amid a surge in imports from countries that were affected by U.S. President Donald Trump’s tariffs.

In a release Saturday, the director of United Steelworkers said that the decision to lift the safeguards will hit the already beleaguered sector.

“Even with the safeguards in place, market conditions in Canada have deteriorated and approximately 700 of our members have already been laid off,” Ken Neumann said in a release.

"Thousands of jobs across the country are now at risk due to the Trudeau government's failure to maintain safeguards protecting Canada's steel sector from a surge in foreign imports.”

The Trudeau government also said it is starting a month-long consultation period with the steel industry and employees to help gauge what further protections are needed.

“Our government stands ready to use all legal avenues at its disposal to protect our industry from unfair trade practices and the abuse of our trade remedy system," Morneau said.