Inflation hits Canadian steelworkers and loggers

Shares of Canadian mining, steel and timber companies have lost all of this year's gains. The Bank of Canada's tightening policies and record inflation since 1983 are slowing demand in the economy for raw materials.

"Rates are rising, and that will hit all cyclical industries," said Stifel Canada managing director and portfolio strategist James Hodgins. Also, rising mortgage rates have led to a drop in lumber demand because of low demand for new homes.