European industry hit hard by Trump tariffs, Salzgitter CEO warns
DUESSELDORF/FRANKFURT (Reuters) -Salzgitter, Germany's second-biggest steelmaker, on Monday warned that Washington's tariff policy was dealing a severe blow to European industry, after the U.S. administration unveiled plans to double steel import levies to 50%.
"The erratic tariff policy of the USA is hitting Europe's economy hard - especially Germany," Salzgitter CEO Gunnar Groebler said in a written statement.
Shares in Salzgitter fell along with larger European peers Thyssenkrupp and ArcelorMittal, all down between 0.5 and 2.1%.
Groebler said that apart from the direct tariffs on exports to the United States, there was also increased import pressure on the EU market as a result of rising volumes of cheaper Asian steel in Europe.
According to Germany's steel association, the United States accounted for around a fifth, or 4 million tonnes, of European steel exports outside of the EU, making it the most important export market.
"An increase in steel import duties in the USA to 50% should prompt the EU Commission to accelerate its efforts to implement the measures under the Steel and Metals Action Plan," Groebler said.
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