Latest news with #GermanSteelAssociation
CNBC
6 days ago
- Business
- CNBC
Steel imports should not be hampered by tariffs: German Steel Association
Gunnar Groebler, the president of the German Steel Association and the CEO of Salzgitter, discusses the U.S. tariff increase on European steel.
Yahoo
10-02-2025
- Business
- Yahoo
Looming US tariffs spark concern from German steel sector, leaders
Representatives of Germany's steel industry and the government in Berlin sounded the alarm on Monday after US President Donald Trump suggested 25% tariffs on steel and aluminium imports would soon come into force. The German government is concerned about the possible effects of Trump's plans on Germany's export-oriented economy, a spokesman for the Economy Ministry told journalists. Gunnar Groebler, president of the German Steel Association, meanwhile said Trump's announcement is hitting the EU's steel sector at the worst possible time and called on the bloc to act "in a united, planned and rapid manner." The US is the most important market for the EU steel industry, according to the association, with around 4 million tons exported across the Atlantic in 2023. Germany alone exports some 1 million tons of mostly special steels to the US each year, it said. When the Trump administration imposed punitive tariffs on the EU during his first term in office, EU exports to the US plunged from 5.2 million tons in 2018 to 2.5 million tons in 2020, according to the association. 'We are familiar with this scenario' The EU and Berlin continue to work to prevent the 25% tariffs, the Economy Ministry spokesman said in Berlin. "We are familiar with this scenario from President Trump's first term in office," said the spokesman, adding that preparations have been made in case the tariffs do come into effect. During his first term in office from 2017 to 2021, the Trump administration also imposed tariffs on steel and aluminium from the EU. The bloc responded with retaliatory tariffs on US products such as jeans, bourbon whisky, motorcycles and peanut butter. The spokesman noted that the EU had eventually managed to come to an agreement with Trump then, which led to a suspension of the tariffs. When asked whether US products such as motorcycles or whisky could be hit again this time, the spokesman said that there was no automatic response based on last time's experience. Government spokesman Steffen Hebestreit said that "it would be unwise at this point to say exactly what is planned," noting that the EU is responsible for trade issues. Sector already under pressure The industry association's Groebler called for EU safeguards to be adapted quickly to protect the steel industry in the bloc. "The steel tariffs announced by the US will lead to volume diversions to Europe, further increasing the existing import pressure from overcapacity in China," Groebler, chief executive of steelmaker Salzgitter, said. The association also called on the EU to continue talks with Washington on the Global Arrangement on Sustainable Steel and Aluminium, a proposed trade agreement to fight carbon intensity and global overcapacity in the sector. According to the association, talks on such a deal had been held under the Biden administration, but no agreement has been reached so far. Not everyone fazed Meanhwile, not everyone in the industry shares the concerns, with German steel giant Thyssenkrupp saying the planned US tariffs would have only a "very limited impact" on its business. "The main market for Thyssenkrupp's steel is Europe," the company said on Monday. "The announced tariffs on imports to the US would only have a very limited impact on Thyssenkrupp's business based on the current state of knowledge," it added. Thyssenkrupp's steel subsidiary is Germany's largest producer of the material, with a large site in the western city of Duisburg. The share of steel being exported to the US is "negligible and mainly relates to high-quality products with a good market position," the Essen-based company said. The majority of the Thyssenkrupp's turnover in the United States comes from trading and its automotive supply division. "Much of the production for US customers takes place within the US," the company said. It added that a reliable assessment of the suggested tariffs could only be made once the specific tariffs had come into force and the EU's possible countermeasures were also known.
Yahoo
10-02-2025
- Business
- Yahoo
German steel industry calls on EU to prevent US tariffs
US President Donald Trump's announcement that he is planning to impose 25% tariffs on steel and aluminium imports is hitting the EU steel sector at the worst possible time, a German industry association said on Monday. Gunnar Groebler, president of the German Steel Association, called on the EU to act "in a united, planned and rapid manner." EU safeguards need to be adapted quickly to protect the steel industry in the bloc, he said. "The steel tariffs announced by the US will lead to volume diversions to Europe, further increasing the existing import pressure from overcapacity in China," Groebler, chief executive of steelmaker Salzgitter, said. The association also called on the EU to continue talks with Washington on the Global Arrangement on Sustainable Steel and Aluminium, a proposed trade agreement to fight carbon intensity and global overcapacity in the sector. According to the association, talks on such a deal had been held under the Biden administration, but no agreement has been reached so far. The US is the most important market for the EU steel industry, Groebler noted, with around 4 million tons exported across the Atlantic in 2023. Germany alone exports some 1 million tons of mostly special steels to the US each year, he said. When the Trump administration imposed punitive tariffs on the EU during his first term in office, EU exports to the US plunged from 5.2 million tons in 2018 to 2.5 million tons in 2020, according to the association.
