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LNG Canada takes shape in second chance at becoming global LNG leader | Financial Post

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class=breadcrumbs data-aqa=nav-breadcrumb><div class=visually-hidden>Breadcrumb Trail Links</div><ol class="breadcrumbs__items list-unstyled"><li class=breadcrumbs__item><a class=breadcrumbs__item-link data-tb-category-link href=/category/commodities/energy/>FP Energy</a></li><li class=breadcrumbs__item><a class=breadcrumbs__item-link data-tb-category-link href=/category/commodities/energy/oil-gas/>Oil & Gas</a></li><li class=breadcrumbs__item><a class=breadcrumbs__item-link data-tb-category-link href=/category/news/>News</a></li></ol></nav><div class=article-header__detail><div class=article-header__detail__texts><h1 class=article-title data-tb-title id=articleTitle>LNG Canada, country's $40-billion 'second chance' at becoming a global LNG leader, takes shape</h1><p class=article-subtitle>Already more than 70% complete, project promises to unlock full economic potential of Canada’s rich gas reserves for first time</p><div class="callout callout--noindent flex-align-center flex-justify-between"data-evt-val='{"control_fields": {"mparticle": {"keys": {"element_type": "element_type", "element_name": "element_name"}, "mp_event_type": "Other", "extra_keys": []}}, "element_type": "author_newsletter", "element_name": "sign-up"}'data-callout data-evt=visible data-evt-typ=element_view><span class=callout__text> Get the latest from Meghan Potkins straight to your inbox </span><button class="button button--icon button--primary-alt"data-id-login-redirect=https://financialpost.com/author/mpotkinspostmedia-com/newsletters/ type=button><span class=button__text>Sign Up</span> <span aria-hidden=true class=button__icon> <svg viewbox="0 0 11 11"width=11 xmlns=http://www.w3.org/2000/svg><polygon points="1.1 0 7 6 1.1 12 0 10.9 4.8 6 0 1.1"/></svg> </span></button></div><div class=article-meta><div class=published-by><div class=visually-hidden>Author of the article:</div><span class=published-by__author> <a href=https://financialpost.com/author/mpotkinspostmedia-com/>Meghan Potkins</a> </span></div><div class=published-date><span class=published-date__since>Published Oct 04, 2022</span>  •  <span class=updated-date__since>Last updated Oct 05, 2022</span>  •  <span class=published-date__word-count>6 minute read</span></div><div class=article-meta__bottom><a aria-label="Join the conversation"class=article-meta-comment-count data-story-comment-component href=#comments-area> <div class=comment-bubble><svg viewbox="0 0 24 24"height=16 width=16 xmlns=http://www.w3.org/2000/svg><path d="M4,0 C2.93914,0 1.921718,0.421428 1.171572,1.171572 C0.421428,1.921718 0,2.93914 0,4 L0,24 L3.846,20.158 L4,20.16 L20,20.16 C21.0608,20.16 22.0782,19.73858 22.8284,18.98842 C23.5786,18.23828 24,17.22086 24,16.16 L24,4 C24,2.93914 23.5786,1.921718 22.8284,1.171572 C22.0782,0.421428 21.0608,0 20,0 L4,0 Z M2,4 C2,3.46956 2.21072,2.96086 2.58578,2.58578 C2.96086,2.21072 3.46956,2 4,2 L20,2 C20.5304,2 21.0392,2.21072 21.4142,2.58578 C21.7892,2.96086 22,3.46956 22,4 L22,16.16 C22,16.69044 21.7892,17.19914 21.4142,17.57422 C21.0392,17.94928 20.5304,18.16 20,18.16 L4,18.16 L3.048,18.126 L2,19.174 L2,4 Z"></path></svg></div> <div class=article-meta-comment-count__text__wrapper><div class=article-meta-comment-count__text>Join the conversation <vf-conversations-count></vf-conversations-count></div></div> </a><div class=bookmark-wrapper><div class=popover data-aqa=popover data-click-to-appear=True data-container data-container-offset data-no-style data-popover-component data-position=top data-sticky data-tail-offset=200 data-tail-position=right><button class="popover__trigger bookmark-button"><span class="save-article-button save-article-button--default"title="Save article"data-article-id=ea2d3d22-6ede-4c06-a8d6-737ff1c14cf6 data-evt-skip-click=true></span></button><div aria-describedby=popover-desc-popover-bookmark class=popover__content hidden role=dialog><div class=popover__content__tail></div><div class=popover__content__wrapper><div 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2x"type=image/webp><source media="(min-width: 1200px)"srcset="https://smartcdn.gprod.postmedia.digital/financialpost/wp-content/uploads/2022/09/kitimat-lng-vw1004.jpg?quality=90&strip=all&w=564&h=423&type=jpg&sig=RmFX7SZ67BQhV7xO6gQASw, https://smartcdn.gprod.postmedia.digital/financialpost/wp-content/uploads/2022/09/kitimat-lng-vw1004.jpg?quality=90&strip=all&w=1128&h=846&type=jpg&sig=dFg59mHtFojQ62OYDwJ7Xg 2x"type=image/jpeg><source media="(min-width: 768px)"srcset="https://smartcdn.gprod.postmedia.digital/financialpost/wp-content/uploads/2022/09/kitimat-lng-vw1004.jpg?quality=90&strip=all&w=472&h=354&type=webp&sig=5gw6UmH8eJid8VYms_fWZw, https://smartcdn.gprod.postmedia.digital/financialpost/wp-content/uploads/2022/09/kitimat-lng-vw1004.jpg?quality=90&strip=all&w=944&h=708&type=webp&sig=B8hBgi4qo4rKKxevAYwCWQ 2x"type=image/webp><source media="(min-width: 768px)"srcset="https://smartcdn.gprod.postmedia.digital/financialpost/wp-content/uploads/2022/09/kitimat-lng-vw1004.jpg?quality=90&strip=all&w=472&h=354&type=jpg&sig=avDR4jOAOKBBEnTb4VN3RA, https://smartcdn.gprod.postmedia.digital/financialpost/wp-content/uploads/2022/09/kitimat-lng-vw1004.jpg?quality=90&strip=all&w=944&h=708&type=jpg&sig=eQjF_2lt_htcTdHuHU7tfg 2x"type=image/jpeg><source media="(max-width: 767px)"srcset="https://smartcdn.gprod.postmedia.digital/financialpost/wp-content/uploads/2022/09/kitimat-lng-vw1004.jpg?quality=90&strip=all&w=288&h=216&type=webp&sig=niOjqHDvCe3bUUGV8NG6GQ, https://smartcdn.gprod.postmedia.digital/financialpost/wp-content/uploads/2022/09/kitimat-lng-vw1004.jpg?quality=90&strip=all&w=576&h=432&type=webp&sig=zVSkjK7TwGZ1xZVnWufKtw 2x"type=image/webp><img alt="Construction of the LNG Canada site in Kitimat, B.C., in September 2022."class="featured-image__image type:primaryImage"src="https://smartcdn.gprod.postmedia.digital/financialpost/wp-content/uploads/2022/09/kitimat-lng-vw1004.jpg?quality=90&strip=all&w=288&h=216&sig=E8yxWJ1hxJxIuCmsY6lZWg"srcset="https://smartcdn.gprod.postmedia.digital/financialpost/wp-content/uploads/2022/09/kitimat-lng-vw1004.jpg?quality=90&strip=all&w=288&h=216&sig=E8yxWJ1hxJxIuCmsY6lZWg, https://smartcdn.gprod.postmedia.digital/financialpost/wp-content/uploads/2022/09/kitimat-lng-vw1004.jpg?quality=90&strip=all&w=576&h=432&sig=rOlWk54wcqTuQqTe-vQ4_A 2x"height=750 width=1000></picture><figcaption class="featured-image__caption image-caption"><span class=caption>Construction of the LNG Canada site in Kitimat, B.C., in September 2022.</span> <span class=credit>Photo by Courtesy LNG Canada</span></figcaption></figure></div></header><section class="article-content__content-group article-content__content-group--story"><h2 class=visually-hidden>Article content</h2><p>On a drizzly stretch of B.C. coastline at the head of the Douglas Channel, Canada’s first natural gas export terminal is taking shape.</p></section><section class="article-content__content-group article-content__content-group--story"><div class=visually-hidden>Article content</div><div class="featured-video jwplayer js-widget-jwplayer"data-aqa=featured-video data-object-id=ea2d3d22-6ede-4c06-a8d6-737ff1c14cf6 data-provider=jwplayer data-sticky-video-component id=featured-video><div class=video-placeholder><img alt=Loading... height=64 loading=lazy src=https://dcs-static.gprod.postmedia.digital/18.0.4/websites/images/common/icon-spinner-animated.svg width=64></div><div fallback><div class=video-fallback><div class=video-fallback-line-1>We apologize, but this video has failed to load.</div><div>Try refreshing your browser, or<br><a title="Video Centre"href=/video-centre/>tap here to see other videos from our team</a>.</div></div></div><section class=player-wrapper data-channel-id data-host=financialpost.com data-video-id=OkSQ0mIg id=video-container><header class=control-center><h5 class=control-heading><span class=control-heading--max data-video-title>LNG Canada, country's $40-billion 'second chance' at becoming a global LNG leader, takes shape</span> <span class=control-heading--min>Back to video</span></h5><div class=control-btn-set><button aria-label="Minimize video"class="control-btn btn-toggle-visibility"id=toggle-video type=button><svg viewbox="0 0 16 16"aria-hidden=true class=icon-desktop height=16 width=16 xmlns=http://www.w3.org/2000/svg><line class=icon-min x1=0 x2=16 y1=8 y2=8 /><polygon points="1,1, 1,15, 15,15, 15,1"class=icon-max /></svg> <svg viewbox="0 0 22 20"aria-hidden=true class=icon-mobile height=20 width=22 xmlns=http://www.w3.org/2000/svg><rect class=icon-min height=16 width=16 x=1 y=1 /><rect class=icon-min height=11 width=11 x=10 y=8 /><polyline points=" 3,14, 11,6, 19,14"class=icon-max /></svg></button><button aria-label="Close sticky video"class="control-btn btn-close"id=close-video 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"video_id"}, "extra_keys": []}}, "video_autoplay": "true", "video_location": "story featured video", "video_platform": "JW Player", "video_id": "OkSQ0mIg"}'class=jwplayer-wrapper data-autoplay=True data-channel-id data-controls=True data-host=financialpost.com data-is-jw-strategy=False data-jw-strategy-playlist-id data-loc=1 data-loop=False data-mute=True data-playlist-type data-position=featured data-provider=jwplayer data-single-video-component data-version=RoSuL5OU data-video-id=OkSQ0mIg id=player-OkSQ0mIg></div></div></section></div></section><section class="article-content__content-group article-content__content-group--story"><div class=visually-hidden>Article content</div><p>The sprawling site on the traditional territory of the Haisla Nation teems with more than 5,000 construction and trades workers, working around the clock to bring the $40-billion Shell Plc.-led LNG Canada terminal to completion.</p><p>The latest piece of the puzzle: a colossal 3,000-ton Baker Hughes compressor that arrived in Kitimat by boat from Italy on Sep. 20, the first of four that will form the powerful jet engine of the terminal’s liquefaction process. Its arrival puts the project — and the country — one important step closer to seeing the first cargo of liquefied natural gas depart from its shores.</p><p>Already more than 70 per cent complete, LNG Canada could be operational by the middle of the decade and promises to unlock the full economic potential of Canada’s rich gas reserves for the first time.</p><p>It’s a change that will take some adjusting to in the oilpatch. Despite being the fifth-largest supplier of natural gas in the world, Canada’s energy sector has long seen its production hemmed in by pipeline constraints and market conditions in the United States.</p><p></p></section><div class="ad__section-border article-content__ad-group ad_counter_2"><section aria-describedby=advertisment8177207136166859134085561516556288 class=ad><div class=visually-hidden id=advertisment8177207136166859134085561516556288>Advertisement 2</div><div class=ad__container><div class=ad__label><div class=ad__label__left></div><div class=ad__label__center>Story continues below</div><div class=ad__label__right></div></div><div class=ad__inner id=ad__inner-2><div class=ad__inner__container data-ad=[[6,6],[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]] data-ad-interscroller=6x6 data-ad-loc=2 data-ad-mobile=[[6,6],[320,50],[300,50],[300,250],[300,600]] data-aqa=advertisement id=ad-2 style=--desktopHeight:250px;--mobileHeight:600px><div aria-hidden=true 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Requiring a massive infrastructure lift, including the largest tank built for LNG in the world (2nd only in size to a tank built for imports in Southeast Asia) <a href=https://t.co/n2B4yl8J2G>pic.twitter.com/n2B4yl8J2G</a></p>— Meghan Potkins (@mpotkins) <a href="https://twitter.com/mpotkins/status/1575555120049590273?ref_src=twsrc%5Etfw">September 29, 2022</a></blockquote><script async charset=utf-8 src=https://platform.twitter.com/widgets.js></script></div><p>An export terminal on the West Coast providing access to global markets would be a game-changer for Canadian producers who have been maxing out the volumes they can push into the U.S. Midwest and Eastern Canada, said Richard Frey, an analyst with S&P Global Commodity Insights. In 2021, Canada exported an average of 7.6 billion cubic feet per day (Bcf/d) of natural gas to the U.S. and imported 2.2 Bcf/d.</p><p>“There’s really not a whole lot of room to do anything more beyond what they’re sending right now,” Frey said. “So this will be an additional outlet and a large outlet at that, too. If North American prices remain high … it could easily grow production by two (billion cubic feet of natural gas) per day.”</p><p>Hundreds of kilometres inland, veteran oilpatch leaders in landlocked Alberta have watched as more than a dozen West Coast LNG ventures were shelved or cancelled over the years as regulatory delays or market conditions battered proposals and soured investors — all while nascent LNG export industries took off in Australia and the U.S.</p><p>Now, those same oilpatch veterans are urging Shell and its partners to quickly green-light a second phase of the project, effectively doubling the export capacity of the plant from 14 million tonnes of LNG per year in the first phase, to 28 million tonnes a year.</p></section><div class="js-widget-content article-content__widget-group article-content__widget-group--content-slot22 article-content__widget-group--newsletter-slot"><section class="newsletter-widget__new-story-page fp-execsummary background--primary-light-gradient"aria-labelledby=FinancialPostPosthaste4278742501529806051275037256712192 data-account-id=b9d3df2fccd108b5eff3c44f573b2cd6 data-aqa=widget-newsletter data-newsletter=single data-newsletter-component data-target-list=FP_ExecSummary data-widget=newsletter><div class=newsletter-new-story-page-template><div class=newsletter-widget__header__new-story-page><div class=newsletter-widget__banner__new-story-page><img alt=Posthaste loading=lazy src=https://dcs-static.gprod.postmedia.digital/18.0.4/websites/images/newsletters/icon-fp-posthaste.svg></div><div><div class="h2 newsletter-widget__title__new-story-page"id=FinancialPostPosthaste4278742501529806051275037256712192>Posthaste</div><p class=newsletter-widget__text__new-story-page>Breaking business news, incisive views, must-reads and market signals. Weekdays by 9 a.m.</p></div></div><div class=newsletter-widget__body__new-story-page><div class=js-replace-main__new-story-page><form aria-describedby="submitErrorFP_ExecSummary submitSuccessFP_ExecSummary"class="js-newsletter-form form-container newsletter-widget__form__new-story-page"data-evt-val='{"form_name": "Newsletter", "control_fields": {"mparticle": {"keys": {"form_name": "form_name"}, "mp_event_type": "Other"}}}'action=# data-evt=focusin data-evt-typ=form_interaction novalidate><input name=csrfmiddlewaretoken type=hidden value=Ib1varD1V12tNZAQbERa7gp9pnTa4oGuO8XbbLhG3g8n9UPTVgFpnHz5sXZlHCEA><div class="form-container__field__new-story-page js-newsletter-email__field"><input aria-label="Email Address"class="form__control js-newsletter-email"aria-describedby=emailErrorFP_ExecSummary aria-invalid=false aria-required=true autocomplete=email id=emailFP_ExecSummary name=newsletterEmailFP_ExecSummary placeholder=youremail@email.com required type=email><div class="form-container__message--error js-invalid-email"hidden id=emailErrorFP_ExecSummary><ul class=errorlist><li>There was an error, please provide a valid email address.</li></ul></div></div><button class="button button--mastheads">Sign Up</button></form><p class="newsletter-widget__disclaimer__new-story-page text-size--tiny">By signing up you consent to receive the above newsletter from Postmedia Network Inc.</p></div><div class=js-submit-success hidden id=submitSuccessFP_ExecSummary><div class="h3 newsletter__feedback--heading">Thanks for signing up!</div><p class=newsletter-widget__text__new-story-page>A welcome email is on its way. 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Please try again</p></div></div></section></div><section class="article-content__content-group article-content__content-group--story"><div class=visually-hidden>Article content</div></section><div class="ad__section-border article-content__ad-group ad_counter_3"><section aria-describedby=advertisment4776637990572955798255291106066432 class=ad><div class=visually-hidden id=advertisment4776637990572955798255291106066432>Advertisement 3</div><div class=ad__container><div class=ad__label><div class=ad__label__left></div><div class=ad__label__center>Story continues below</div><div class=ad__label__right></div></div><div class=ad__inner id=ad__inner-3><div class=ad__inner__container data-ad=[[7,7],[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]] data-ad-interscroller=7x7 data-ad-loc=3 data-ad-mobile=[[7,7],[300,250],[320,50],[300,50]] data-aqa=advertisement id=ad-3 style=--desktopHeight:250px;--mobileHeight:250px><div aria-hidden=true class=ad__placeholder><div class=placeholder-inner>This advertisement has not loaded yet, but your article continues below.</div></div></div></div></div></section></div><section class="article-content__content-group article-content__content-group--story"><div class=visually-hidden>Article content</div><p></p><figure class=embedded-image data-aqa=embed-image><picture class=embedded-image__ratio><source data-srcset="https://smartcdn.gprod.postmedia.digital/financialpost/wp-content/uploads/2022/09/kitimat-mp-vw1004.png?quality=90&strip=all&w=564&type=webp&sig=DHMaIpnkez32_ibVJdPqYA, https://smartcdn.gprod.postmedia.digital/financialpost/wp-content/uploads/2022/09/kitimat-mp-vw1004.png?quality=90&strip=all&w=1128&type=webp&sig=p7r3JvVuOqADSP79zsfYwg 2x"media="(min-width: 1200px)"srcset=data:,1w type=image/webp><source data-srcset="https://smartcdn.gprod.postmedia.digital/financialpost/wp-content/uploads/2022/09/kitimat-mp-vw1004.png?quality=90&strip=all&w=564&type=jpg&sig=M74BII_4XypTlEJ5xaHC1g, https://smartcdn.gprod.postmedia.digital/financialpost/wp-content/uploads/2022/09/kitimat-mp-vw1004.png?quality=90&strip=all&w=1128&type=jpg&sig=67KkpzONO04hSS-Swl-fMA 2x"media="(min-width: 1200px)"srcset=data:,1w type=image/jpeg><source data-srcset="https://smartcdn.gprod.postmedia.digital/financialpost/wp-content/uploads/2022/09/kitimat-mp-vw1004.png?quality=90&strip=all&w=472&type=webp&sig=cyPNzXJ90ZBa2EACHKONzw, https://smartcdn.gprod.postmedia.digital/financialpost/wp-content/uploads/2022/09/kitimat-mp-vw1004.png?quality=90&strip=all&w=944&type=webp&sig=PP7VVU91ltRGkNxqb5ynKQ 2x"media="(min-width: 768px)"srcset=data:,1w type=image/webp><source data-srcset="https://smartcdn.gprod.postmedia.digital/financialpost/wp-content/uploads/2022/09/kitimat-mp-vw1004.png?quality=90&strip=all&w=472&type=jpg&sig=3JB2O7hxYpjdCfZFxFi9_g, https://smartcdn.gprod.postmedia.digital/financialpost/wp-content/uploads/2022/09/kitimat-mp-vw1004.png?quality=90&strip=all&w=944&type=jpg&sig=43QPdsCUCuvyz7B7nLkgDA 2x"media="(min-width: 768px)"srcset=data:,1w type=image/jpeg><source data-srcset="https://smartcdn.gprod.postmedia.digital/financialpost/wp-content/uploads/2022/09/kitimat-mp-vw1004.png?quality=90&strip=all&w=288&type=webp&sig=vxCHchC2-w7ySeAoh7AQPA, https://smartcdn.gprod.postmedia.digital/financialpost/wp-content/uploads/2022/09/kitimat-mp-vw1004.png?quality=90&strip=all&w=576&type=webp&sig=kqHM4TGtmZMsZlt6WooIAg 2x"media="(max-width: 767px)"srcset=data:,1w type=image/webp><img alt="A view of the LNG Canada site."class="embedded-image__image lazyload"data-src="https://smartcdn.gprod.postmedia.digital/financialpost/wp-content/uploads/2022/09/kitimat-mp-vw1004.png?quality=90&strip=all&w=288&sig=DcGC4574wZ3vruqy_xiucw"data-srcset="https://smartcdn.gprod.postmedia.digital/financialpost/wp-content/uploads/2022/09/kitimat-mp-vw1004.png?quality=90&strip=all&w=288&sig=DcGC4574wZ3vruqy_xiucw, https://smartcdn.gprod.postmedia.digital/financialpost/wp-content/uploads/2022/09/kitimat-mp-vw1004.png?quality=90&strip=all&w=576&sig=7-zxhEfb8FlboxLqA6g8Tg 2x"src="https://smartcdn.gprod.postmedia.digital/financialpost/wp-content/uploads/2022/09/kitimat-mp-vw1004.png?quality=5&strip=all&w=100&sig=Qhy5cLdI-TRJhB254cT1EQ"height=750 loading=lazy width=1000></picture><figcaption class=image-caption><span class=caption> A view of the LNG Canada site.</span> <span class=credit>Photo by Meghan Potkins/Financial Post</span></figcaption></figure><p>“We had an opportunity that required us getting after these projects 10 to 15 years ago. We didn’t for all kinds of reasons,” said Tourmaline Oil Corp. chief executive and founder Mike Rose. “Fortunately, we have a second crack at it. So I’d like to see more than just LNG Canada phase one — we’d like to see both phases of LNG Canada and more projects on the West Coast.”</p><p>Experts in the sector say Canada’s advantages as a West Coast LNG exporter are considerable. They include the significant low-cost supply from western gas fields such as the giant Montney formation that straddles the border between Northern B.C. and Alberta, shorter shipping distances to Asian markets, access to renewable hydroelectricity and a colder climate than U.S. Gulf Coast competitors who must expend more energy to cool gas through the liquefaction process. In combination, these factors mean LNG Canada’s facility in Kitimat will have one of the lowest carbon intensities of any LNG project in the world.</p><p>The $40-billion facility is furthest along of a small pack of proposed West Coast projects that have benefited from the fresh interest in Canadian LNG brought on by the global energy crunch following Russia’s invasion of Ukraine.</p></section><div class="ad__section-border article-content__ad-group ad_counter_4"><section aria-describedby=advertisment8218570325950007795731656756690944 class=ad><div class=visually-hidden id=advertisment8218570325950007795731656756690944>Advertisement 4</div><div class=ad__container><div class=ad__label><div class=ad__label__left></div><div class=ad__label__center>Story continues below</div><div class=ad__label__right></div></div><div class=ad__inner id=ad__inner-4><div class=ad__inner__container data-ad=[[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]] data-ad-loc=4 data-ad-mobile=[[320,50],[300,50],[300,250]] data-aqa=advertisement id=ad-4 style=--desktopHeight:250px;--mobileHeight:250px><div aria-hidden=true class=ad__placeholder><div class=placeholder-inner>This advertisement has not loaded yet, but your article continues below.</div></div></div></div></div></section></div><section class="article-content__content-group article-content__content-group--story"><div class=visually-hidden>Article content</div><p>In Kitimat, work can’t progress fast enough for LNG Canada’s investors, even as massive new pieces of equipment and machinery arrive almost weekly. A 56-meter-high circular tank — the second-largest LNG tank in the world — is also nearing completion and will eventually store the super-chilled natural gas until tankers arrive to carry it away.</p><p></p><figure class=embedded-image data-aqa=embed-image><picture class=embedded-image__ratio><source data-srcset="https://smartcdn.gprod.postmedia.digital/financialpost/wp-content/uploads/2022/09/lng-canada-vw1004.png?quality=90&strip=all&w=564&type=webp&sig=-eTHI_UnmvdPFQnb7CR9mA, https://smartcdn.gprod.postmedia.digital/financialpost/wp-content/uploads/2022/09/lng-canada-vw1004.png?quality=90&strip=all&w=1128&type=webp&sig=ALorjsvzM8u-aA25pQb5kg 2x"media="(min-width: 1200px)"srcset=data:,1w type=image/webp><source data-srcset="https://smartcdn.gprod.postmedia.digital/financialpost/wp-content/uploads/2022/09/lng-canada-vw1004.png?quality=90&strip=all&w=564&type=jpg&sig=JDOIlaWfCOBrCR-X0T7Ebw, https://smartcdn.gprod.postmedia.digital/financialpost/wp-content/uploads/2022/09/lng-canada-vw1004.png?quality=90&strip=all&w=1128&type=jpg&sig=s_4W2N1S2bcLPFBYHWa3hg 2x"media="(min-width: 1200px)"srcset=data:,1w type=image/jpeg><source data-srcset="https://smartcdn.gprod.postmedia.digital/financialpost/wp-content/uploads/2022/09/lng-canada-vw1004.png?quality=90&strip=all&w=472&type=webp&sig=DDJb0-PiFtHSRzrXsqhxyg, https://smartcdn.gprod.postmedia.digital/financialpost/wp-content/uploads/2022/09/lng-canada-vw1004.png?quality=90&strip=all&w=944&type=webp&sig=nOrJ9SlFUj7Spsdwc9Dxzw 2x"media="(min-width: 768px)"srcset=data:,1w type=image/webp><source data-srcset="https://smartcdn.gprod.postmedia.digital/financialpost/wp-content/uploads/2022/09/lng-canada-vw1004.png?quality=90&strip=all&w=472&type=jpg&sig=F-6uZ_NXsyQmSNP7M4NY8g, https://smartcdn.gprod.postmedia.digital/financialpost/wp-content/uploads/2022/09/lng-canada-vw1004.png?quality=90&strip=all&w=944&type=jpg&sig=etQv2-Kktlqa-z8zZFAK2w 2x"media="(min-width: 768px)"srcset=data:,1w type=image/jpeg><source data-srcset="https://smartcdn.gprod.postmedia.digital/financialpost/wp-content/uploads/2022/09/lng-canada-vw1004.png?quality=90&strip=all&w=288&type=webp&sig=hCmaJwgR4o-R-2L9MxcE_g, https://smartcdn.gprod.postmedia.digital/financialpost/wp-content/uploads/2022/09/lng-canada-vw1004.png?quality=90&strip=all&w=576&type=webp&sig=2xlQYa4bXCU100Ci4oS-BA 2x"media="(max-width: 767px)"srcset=data:,1w type=image/webp><img alt="The LNG Canada terminal under construction in Kitimat B.C. on Sept. 28, 2022."class="embedded-image__image lazyload"data-src="https://smartcdn.gprod.postmedia.digital/financialpost/wp-content/uploads/2022/09/lng-canada-vw1004.png?quality=90&strip=all&w=288&sig=2GhNx3_Vefz-9tpvK5m3Lg"data-srcset="https://smartcdn.gprod.postmedia.digital/financialpost/wp-content/uploads/2022/09/lng-canada-vw1004.png?quality=90&strip=all&w=288&sig=2GhNx3_Vefz-9tpvK5m3Lg, https://smartcdn.gprod.postmedia.digital/financialpost/wp-content/uploads/2022/09/lng-canada-vw1004.png?quality=90&strip=all&w=576&sig=hwffAAy6U2xGM6ww64NZEw 2x"src="https://smartcdn.gprod.postmedia.digital/financialpost/wp-content/uploads/2022/09/lng-canada-vw1004.png?quality=5&strip=all&w=100&sig=anYnWu29RGajQo5mbLIyzA"height=750 loading=lazy width=1000></picture><figcaption class=image-caption><span class=caption> The LNG Canada terminal under construction in Kitimat B.C. on Sept. 28, 2022.</span> <span class=credit>Photo by Meghan Potkins/Financial Post</span></figcaption></figure><p>But despite the current enthusiasm for Canada’s LNG potential, there are disadvantages to being a late entrant in a crowded global LNG market.</p><p>The long-term nature of investments in LNG present a risk if global demand for natural gas declines faster than expected. One of Shell’s own recently published climate models suggests that it is conceivable that global gas demand could peak in the 2030s as governments around the world switch to low-carbon energy sources — a timeline that has been vociferously contested on both sides of the climate debate.</p><p>“It doesn’t really make sense to build a facility if you don’t think you’re going to get a lot of good use out of it for at least a decade, if not two decades,” Frey said. “There’s a lot of questions right now about natural gas’s role in the future energy mix. So that’s what I would be the most concerned about: It looks great right now, but what does it look like in 2045?”</p></section><div class="ad__section-border article-content__ad-group ad_counter_5"><section aria-describedby=advertisment1179168827716170453955177135210496 class=ad><div class=visually-hidden id=advertisment1179168827716170453955177135210496>Advertisement 5</div><div class=ad__container><div class=ad__label><div class=ad__label__left></div><div class=ad__label__center>Story continues below</div><div class=ad__label__right></div></div><div class=ad__inner id=ad__inner-5><div class=ad__inner__container data-ad=[[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]] data-ad-loc=5 data-ad-mobile=[[320,50],[300,50],[300,250]] data-aqa=advertisement id=ad-5 style=--desktopHeight:250px;--mobileHeight:250px><div aria-hidden=true class=ad__placeholder><div class=placeholder-inner>This advertisement has not loaded yet, but your article continues below.</div></div></div></div></div></section></div><section class="article-content__content-group article-content__content-group--story"><div class=visually-hidden>Article content</div><p>Among the factors helping to bolster local enthusiasm for Canada’s prospects as an LNG exporter is the energy sector’s growing relationship with Indigenous communities.</p><p></p><blockquote><p>It looks great right now, but what does it look like in 2045?</p><div>Richard Frey</div></blockquote><p>In a reversal from the industry’s old pattern in dealings with Indigenous peoples in Western Canada, the focus now is on consultations and carefully negotiated benefit agreements with communities affected by the energy sector’s activities.</p><p>In the case of LNG Canada, built on Haisla Nation territory, the project has brought revenue, employment opportunities and more than 20 joint-venture partnerships with related businesses. Haisla Chief Councillor Crystal Smith said she has urged members of her nation to take advantage of training and career opportunities to propel their careers, long after construction on the LNG Canada mega-project begins to taper off.</p><p>“That is the reason we wanted and supported this project,” Smith said. “I’m not saying that everything has been perfect,” Smith added, pointing to the area’s housing shortage and the difficulty in attracting and retaining teachers and an addictions counsellor.</p></section><div class="ad__section-border article-content__ad-group ad_counter_6"><section aria-describedby=advertisment5368180351309533842999473011163136 class=ad><div class=visually-hidden id=advertisment5368180351309533842999473011163136>Advertisement 6</div><div class=ad__container><div class=ad__label><div class=ad__label__left></div><div class=ad__label__center>Story continues below</div><div class=ad__label__right></div></div><div class=ad__inner id=ad__inner-6><div 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The project is currently awaiting a decision under B.C.’s environmental assessment process.</p><p>“I often describe our journey as one that started with not having a share or a say in any opportunity that occurred in our territory, to being active, at-the-table decision makers helping LNG Canada become successful. Now, we are ‘the’ decision makers in Cedar LNG, and that in itself is a huge legacy,” Smith said.</p><p>It’s unclear how many LNG projects will ultimately be approved by Canadian regulators.</p></section><div class="ad__section-border article-content__ad-group ad_counter_7"><section aria-describedby=advertisment7537389933630268097617650276892672 class=ad><div class=visually-hidden id=advertisment7537389933630268097617650276892672>Advertisement 7</div><div class=ad__container><div class=ad__label><div class=ad__label__left></div><div class=ad__label__center>Story continues below</div><div class=ad__label__right></div></div><div class=ad__inner id=ad__inner-7><div class=ad__inner__container data-ad=[[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]] data-ad-loc=7 data-ad-mobile=[[320,50],[300,50],[300,250]] data-aqa=advertisement id=ad-7 style=--desktopHeight:250px;--mobileHeight:250px><div aria-hidden=true class=ad__placeholder><div class=placeholder-inner>This advertisement has not loaded yet, but your article continues below.</div></div></div></div></div></section></div><section class="article-content__content-group article-content__content-group--story"><div class=visually-hidden>Article content</div><p></p><figure class=embedded-image data-aqa=embed-image><picture class=embedded-image__ratio><source data-srcset="https://smartcdn.gprod.postmedia.digital/financialpost/wp-content/uploads/2022/09/jason-klein-vw1004.jpg?quality=90&strip=all&w=564&type=webp&sig=1ZDWIeKWgIiiTF8cjd0hhw, https://smartcdn.gprod.postmedia.digital/financialpost/wp-content/uploads/2022/09/jason-klein-vw1004.jpg?quality=90&strip=all&w=1128&type=webp&sig=ccYN_vdlIb-9Z-axOsYufg 2x"media="(min-width: 1200px)"srcset=data:,1w type=image/webp><source data-srcset="https://smartcdn.gprod.postmedia.digital/financialpost/wp-content/uploads/2022/09/jason-klein-vw1004.jpg?quality=90&strip=all&w=564&type=jpg&sig=3pJW-x-maoKdSIYgMoFyjA, https://smartcdn.gprod.postmedia.digital/financialpost/wp-content/uploads/2022/09/jason-klein-vw1004.jpg?quality=90&strip=all&w=1128&type=jpg&sig=bIIqDL_w8e9Te4fGYdTZXw 2x"media="(min-width: 1200px)"srcset=data:,1w type=image/jpeg><source data-srcset="https://smartcdn.gprod.postmedia.digital/financialpost/wp-content/uploads/2022/09/jason-klein-vw1004.jpg?quality=90&strip=all&w=472&type=webp&sig=WzuAuZPUIWa5bg_KeeL4jQ, https://smartcdn.gprod.postmedia.digital/financialpost/wp-content/uploads/2022/09/jason-klein-vw1004.jpg?quality=90&strip=all&w=944&type=webp&sig=mfVFmSSNMo-m0hqU7Q9K7w 2x"media="(min-width: 768px)"srcset=data:,1w type=image/webp><source data-srcset="https://smartcdn.gprod.postmedia.digital/financialpost/wp-content/uploads/2022/09/jason-klein-vw1004.jpg?quality=90&strip=all&w=472&type=jpg&sig=N6JvtY0A-OjmLchEMIFXrw, https://smartcdn.gprod.postmedia.digital/financialpost/wp-content/uploads/2022/09/jason-klein-vw1004.jpg?quality=90&strip=all&w=944&type=jpg&sig=evZPOn-Lm0YpJk4lRC3IMw 2x"media="(min-width: 768px)"srcset=data:,1w type=image/jpeg><source data-srcset="https://smartcdn.gprod.postmedia.digital/financialpost/wp-content/uploads/2022/09/jason-klein-vw1004.jpg?quality=90&strip=all&w=288&type=webp&sig=J7AxDzBn48vpfwRk-oQgJQ, https://smartcdn.gprod.postmedia.digital/financialpost/wp-content/uploads/2022/09/jason-klein-vw1004.jpg?quality=90&strip=all&w=576&type=webp&sig=2hIDtH9gB5ihri1QisyPdg 2x"media="(max-width: 767px)"srcset=data:,1w type=image/webp><img alt="LNG Canada chief executive Jason Klein."class="embedded-image__image lazyload"data-src="https://smartcdn.gprod.postmedia.digital/financialpost/wp-content/uploads/2022/09/jason-klein-vw1004.jpg?quality=90&strip=all&w=288&sig=4o3ssTDmUIgH7Vcu6Pjq-A"data-srcset="https://smartcdn.gprod.postmedia.digital/financialpost/wp-content/uploads/2022/09/jason-klein-vw1004.jpg?quality=90&strip=all&w=288&sig=4o3ssTDmUIgH7Vcu6Pjq-A, https://smartcdn.gprod.postmedia.digital/financialpost/wp-content/uploads/2022/09/jason-klein-vw1004.jpg?quality=90&strip=all&w=576&sig=fh_P8GTK5-ecsbq42RGruA 2x"src="https://smartcdn.gprod.postmedia.digital/financialpost/wp-content/uploads/2022/09/jason-klein-vw1004.jpg?quality=5&strip=all&w=100&sig=cGWQ9bze-Q-QR3Co0yORaw"height=750 loading=lazy width=1000></picture><figcaption class=image-caption><span class=caption> LNG Canada chief executive Jason Klein.</span> <span class=credit>Photo by Darryl Dyck/The Canadian Press</span></figcaption></figure><p>Project proponents and investors will be watching closely as the governments of Canada and B.C. prepare to roll out more detailed plans to cut emissions from the oil and gas industry. Some oilpatch leaders and Indigenous groups with ambitions to invest in energy projects have warned that the introduction of a sector-specific emissions cap could thwart further investments in LNG.</p><p>Still, LNG Canada CEO Jason Klein said he remains optimistic about the economics of Shell’s project and the sector’s potential to endure as the global energy transition unfolds.</p><p>Pointing to the company’s 40-year permit to operate in Kitimat, Klein said he believes there is starting to be an acknowledgement that not all LNG projects are created equal.</p><p>“The cleanest molecule is going to be the last molecule standing,” Klein said. “That’s one of the reasons why I feel so good about LNG Canada, because we are that clean molecule. And when people start getting really picky, whether driven by carbon price or otherwise, the cleanest LNG will be the last LNG — which right now, in the world, that’s right here.”</p><p data-async><em>• Email: <a data-evt-val='{"control_fields": {"mparticle": {"keys": {"click_source_type": "click_source_type", "anchor_text": "anchor_text", "layout_section": "layout_section"}, "mp_event_type": "Navigation", "extra_keys": ["click_vertical_position_percentage", "click_vertical_position_pixels"]}}, "click_source_type": "in-page link", "anchor_text": "mpotkins@postmedia.com", "layout_section": "in-page-link"}'data-evt=click data-evt-typ=click href=mailto:mpotkins@postmedia.com>mpotkins@postmedia.com</a> | Twitter: <a data-evt-val='{"control_fields": {"mparticle": {"keys": {"click_source_type": "click_source_type", "anchor_text": "anchor_text", "target_url": "target_url", "layout_section": "layout_section"}, "mp_event_type": "Navigation", "extra_keys": ["click_vertical_position_percentage", "click_vertical_position_pixels"]}}, "click_source_type": "in-page link", "anchor_text": "mpotkins", "target_url": "https://twitter.com/mpotkins", "layout_section": "in-page-link"}'class=twitter-follow-button data-evt=click data-evt-typ=click href=https://twitter.com/mpotkins>mpotkins</a></em></p><p></p><div class=embed-height><iframe style="--height: 1200px;"frameborder=0 height=1200 src=https://modules.wearehearken.com/financial-post/embed/9655/share></iframe></div></section><div class="js-widget-content article-content__widget-group article-content__widget-group--content-slot75"></div><section class="article-content__content-group article-content__content-group--story"><div class=visually-hidden>Article content</div></section><div class=article-content__content-group></div><div class=article-content__ad-group><div class="widget widget-slimcut-ad"><div data-htmlid=2805 data-widget=slimcut></div><div id=ad-slimcut></div></div></div><section class="article-content__share-group article-delimiter"data-evt-val='{"control_fields": {"mparticle": {"mp_custom_flags": ["Google.NonInteraction", "Google.Page"], "extra_keys": ["percentage_of_page_viewed", "active_time_on_page", "percentage_of_story_viewed"]}}}'data-evt=beforeunload data-evt-typ=page_scroll><div class=visually-hidden>Share this article in your social network</div><ul class="social-share social-share--icons social-share--row social-share--large list-unstyled noskimlinks"data-aqa=social-share><li class="social-share__item flex-align-justify-center"><a class="social-share__link flex-align-justify-center"data-evt-val='{"social_share_channel": "email", "social_share_loc": "share button - 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"target_article_position": "3", "layout_section": "trending-list"}'data-aqa=article-card data-article-id=c19e322f-7e86-436e-b2ef-fe1b8de6927d data-category-colour=default data-evt=click data-evt-typ=click data-tb-region-item><div class=article-card__content><div class=article-card__details><a aria-label="Wall Street talk of revaluing U.S. gold isn’t persuading White House"class=article-card__link data-tb-link href=/investing/wall-street-revaluing-gold> <h3 class="article-card__headline m-0"title="Wall Street talk of revaluing U.S. gold isn’t persuading White House "><span class=article-card__headline-clamp data-tb-title>Wall Street talk of revaluing U.S. gold isn’t persuading White House</span></h3> </a></div><a aria-label="Wall Street talk of revaluing U.S. gold isn’t persuading White House"class=article-card__image-link data-tb-link href=/investing/wall-street-revaluing-gold tabindex=-1> <picture class=article-card__image><source data-srcset="https://smartcdn.gprod.postmedia.digital/financialpost/wp-content/uploads/2025/02/0215-mg-gold.jpg?quality=90&strip=all&w=344&type=webp&sig=wsoG3eYfIHcjb7c9Mh8vcg, https://smartcdn.gprod.postmedia.digital/financialpost/wp-content/uploads/2025/02/0215-mg-gold.jpg?quality=90&strip=all&w=688&type=webp&sig=vX8dmi3rGdyuqKg5rfBbew 2x"media="(min-width: 1200px)"srcset=data:,1w type=image/webp><source data-srcset="https://smartcdn.gprod.postmedia.digital/financialpost/wp-content/uploads/2025/02/0215-mg-gold.jpg?quality=90&strip=all&w=344&type=jpg&sig=ubtqVnesiUrvMROGbzUpkA, https://smartcdn.gprod.postmedia.digital/financialpost/wp-content/uploads/2025/02/0215-mg-gold.jpg?quality=90&strip=all&w=688&type=jpg&sig=Ep3BeWt1b-N1Q9kEA68GLA 2x"media="(min-width: 1200px)"srcset=data:,1w type=image/jpeg><source data-srcset="https://smartcdn.gprod.postmedia.digital/financialpost/wp-content/uploads/2025/02/0215-mg-gold.jpg?quality=90&strip=all&w=322&type=webp&sig=NvpSugxk_24y_QpfLpqvYQ, https://smartcdn.gprod.postmedia.digital/financialpost/wp-content/uploads/2025/02/0215-mg-gold.jpg?quality=90&strip=all&w=644&type=webp&sig=l92bAEzLst-ZdvysGnxjCA 2x"media="(min-width: 768px)"srcset=data:,1w type=image/webp><source data-srcset="https://smartcdn.gprod.postmedia.digital/financialpost/wp-content/uploads/2025/02/0215-mg-gold.jpg?quality=90&strip=all&w=322&type=jpg&sig=JWePaIScN2DI5akOb4AFDg, https://smartcdn.gprod.postmedia.digital/financialpost/wp-content/uploads/2025/02/0215-mg-gold.jpg?quality=90&strip=all&w=644&type=jpg&sig=mpqAKz9eFPZF4FMIFxfdHA 2x"media="(min-width: 768px)"srcset=data:,1w type=image/jpeg><source data-srcset="https://smartcdn.gprod.postmedia.digital/financialpost/wp-content/uploads/2025/02/0215-mg-gold.jpg?quality=90&strip=all&w=232&type=webp&sig=R_SlL3h5eT9o8dVmm5_tNQ, https://smartcdn.gprod.postmedia.digital/financialpost/wp-content/uploads/2025/02/0215-mg-gold.jpg?quality=90&strip=all&w=464&type=webp&sig=Tbz6tms68oAb81jelv7EkQ 2x"media="(max-width: 767px)"srcset=data:,1w type=image/webp><img alt="While it’s probably statutorily permissible, selling national bullion reserves to buy foreign exchange instruments could be politically costly."data-src="https://smartcdn.gprod.postmedia.digital/financialpost/wp-content/uploads/2025/02/0215-mg-gold.jpg?quality=90&strip=all&w=232&sig=xB54LJswYVsCypr_wvZ3pA"data-srcset="https://smartcdn.gprod.postmedia.digital/financialpost/wp-content/uploads/2025/02/0215-mg-gold.jpg?quality=90&strip=all&w=232&sig=xB54LJswYVsCypr_wvZ3pA, https://smartcdn.gprod.postmedia.digital/financialpost/wp-content/uploads/2025/02/0215-mg-gold.jpg?quality=90&strip=all&w=464&sig=jka8U7aX27auMOOxveXEfg 2x"src="https://smartcdn.gprod.postmedia.digital/financialpost/wp-content/uploads/2025/02/0215-mg-gold.jpg?quality=5&strip=all&w=100&sig=JoL1qg1uXyax5V_nVkUpNA"class=lazyload data-tb-thumbnail height=174 loading=lazy width=232></picture> </a></div><a class=hidden data-tb-category-link href=/category/investing/> <span 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panic", "target_article_id": "28b10c1a-33b9-4424-8263-8e0b6b620c33", "target_article_position": "4", "layout_section": "trending-list"}'data-aqa=article-card data-article-id=28b10c1a-33b9-4424-8263-8e0b6b620c33 data-category-colour=default data-evt=click data-evt-typ=click data-tb-region-item><div class=article-card__content><div class=article-card__details><a aria-label="5 reasons for tariffs and why investors shouldn’t panic"class=article-card__link data-tb-link href=/investing/hodson-5-reasons-tariffs-investors-shouldnt-panic> <h3 class="article-card__headline m-0"title="5 reasons for tariffs and why investors shouldn’t panic "><span class=article-card__headline-clamp data-tb-title>5 reasons for tariffs and why investors shouldn’t panic</span></h3> </a></div><a aria-label="5 reasons for tariffs and why investors shouldn’t panic"class=article-card__image-link data-tb-link href=/investing/hodson-5-reasons-tariffs-investors-shouldnt-panic tabindex=-1> <picture class=article-card__image><source data-srcset="https://smartcdn.gprod.postmedia.digital/financialpost/wp-content/uploads/2025/02/0213-bc-steel.jpg?quality=90&strip=all&w=344&type=webp&sig=7054FSbX4R0NaPObriqjnQ, https://smartcdn.gprod.postmedia.digital/financialpost/wp-content/uploads/2025/02/0213-bc-steel.jpg?quality=90&strip=all&w=688&type=webp&sig=oYTRtlLUdfMKfo-b1ah8Iw 2x"media="(min-width: 1200px)"srcset=data:,1w type=image/webp><source data-srcset="https://smartcdn.gprod.postmedia.digital/financialpost/wp-content/uploads/2025/02/0213-bc-steel.jpg?quality=90&strip=all&w=344&type=jpg&sig=rHvTw4-ycH2ofDqX1tecUw, https://smartcdn.gprod.postmedia.digital/financialpost/wp-content/uploads/2025/02/0213-bc-steel.jpg?quality=90&strip=all&w=688&type=jpg&sig=36LI3XqquZlPdrN-DNEEqA 2x"media="(min-width: 1200px)"srcset=data:,1w type=image/jpeg><source data-srcset="https://smartcdn.gprod.postmedia.digital/financialpost/wp-content/uploads/2025/02/0213-bc-steel.jpg?quality=90&strip=all&w=322&type=webp&sig=xAPo2LUP1hDketEj7ILI8w, https://smartcdn.gprod.postmedia.digital/financialpost/wp-content/uploads/2025/02/0213-bc-steel.jpg?quality=90&strip=all&w=644&type=webp&sig=5VSCCkZOVwUV69DxxIxMjw 2x"media="(min-width: 768px)"srcset=data:,1w type=image/webp><source data-srcset="https://smartcdn.gprod.postmedia.digital/financialpost/wp-content/uploads/2025/02/0213-bc-steel.jpg?quality=90&strip=all&w=322&type=jpg&sig=8O2RkjQHGEbGKV-jin9beQ, https://smartcdn.gprod.postmedia.digital/financialpost/wp-content/uploads/2025/02/0213-bc-steel.jpg?quality=90&strip=all&w=644&type=jpg&sig=s3JcldhEtQA895pCtTwEzQ 2x"media="(min-width: 768px)"srcset=data:,1w type=image/jpeg><source data-srcset="https://smartcdn.gprod.postmedia.digital/financialpost/wp-content/uploads/2025/02/0213-bc-steel.jpg?quality=90&strip=all&w=232&type=webp&sig=9NQSKkS9kF_RRDpcXhp8Kw, https://smartcdn.gprod.postmedia.digital/financialpost/wp-content/uploads/2025/02/0213-bc-steel.jpg?quality=90&strip=all&w=464&type=webp&sig=MuBKm_TTHpXCgHH75jB0zw 2x"media="(max-width: 767px)"srcset=data:,1w type=image/webp><img alt="can take four years or more for a company to set up, say, a new steel plant in the U.S."data-src="https://smartcdn.gprod.postmedia.digital/financialpost/wp-content/uploads/2025/02/0213-bc-steel.jpg?quality=90&strip=all&w=232&sig=4AqC_gmxeX9fa9sSL8Oufw"data-srcset="https://smartcdn.gprod.postmedia.digital/financialpost/wp-content/uploads/2025/02/0213-bc-steel.jpg?quality=90&strip=all&w=232&sig=4AqC_gmxeX9fa9sSL8Oufw, https://smartcdn.gprod.postmedia.digital/financialpost/wp-content/uploads/2025/02/0213-bc-steel.jpg?quality=90&strip=all&w=464&sig=tTgO9z-Z_sfiQ1KOaxTXJw 2x"src="https://smartcdn.gprod.postmedia.digital/financialpost/wp-content/uploads/2025/02/0213-bc-steel.jpg?quality=5&strip=all&w=100&sig=fenUu3XYbL5ZUSzLk9vFVw"class=lazyload 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