As Australia awaits a decision from US President Donald Trump on his trade war, the Albanese government is looking to shelter the nation's steel industry.
Dr Chalmers also confirmed he will be travelling to Washington on Sunday to meet with his US counterpart Scott Bessent, to discuss trade and steel and aluminium tariffs being threatened.
"Trade and tariffs will be part of the conversation, but not the whole conversation," he told ABC's Insiders.
"That's an ongoing discussion that we're having with our American counterparts. I don't expect to conclude those discussions on steel and aluminium while I'm in DC."
Mr Trump is expected to hand down his decision on tariffs for the metals by mid-March.
Foreign Minister Penny Wong and Defence Minister Richard Marles have also travelled to Washington to meet with their US counterparts since they were sworn in.
The treasurer said the government was looking at the introduction of quotas for local steel.
"We're looking at the procurement part of this," he said.
"If there's more that we can do, more that we can think through on that front, obviously we'll do it."
Cheap Chinese steel is likely to become available in Australia following Mr Trump's tariffs.
Asked if quotas could potentially push up construction costs, Dr Chalmers said the government would consider the implications.
"But we want Australian steel used in Australian projects," he said.
"There's no doubt about that already."
Dr Chalmers said about 75 per cent of the steel out of Whyalla went to railways in Australia, with a "big opportunity" available.
Prime Minister Anthony Albanese and South Australian Premier Peter Malinauskas announced a $2.4 billion industry support package in Whyalla last Thursday, after legislation was rushed through the SA parliament to place the city's steelworks into administration.
The governments moved quickly to pour billions into the SA steel city, in a bid to save thousands of jobs ahead of the federal election, due by May 17.
The Australian Steel Institute has warned the nation would be exposed to significant economic repercussions and job losses if the future of steel production wasn't guaranteed.
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