European industry hit hard by Trump tariffs, Salzgitter CEO warns
DUESSELDORF/FRANKFURT: 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.
Steelmakers in South Korea, Vietnam tumble on Trump's new tariffs
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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