Salzgitter the second-largest steel producer in Germany has expressed its concerns about the U.S. administration’s plan to double steel import tariffs to 50% because it has severely affected the European industry.
According to Salzgitter CEO Gunnar Groebler, the “erratic tariff policy of the USA is hitting Europe’s economy hard—especially Germany.” European steelmakers are facing increased import pressure from Asian steel entering the EU market in addition to direct tariffs.
EconoTimes
The EU implemented new steel import quotas on April 1 as part of its European Steel and Metals Action Plan to decrease market inflows by 15%. The announcement caused Salzgitter and Thyssenkrupp and ArcelorMittal stock prices to drop between 0.6% and 1.8%.
Groebler requested the EU Commission to speed up the execution of Steel and Metals Action Plan measures to defend the European steel industry from additional damage.
