Reported 2 days ago
Salzgitter AG's CEO has cautioned that U.S. tariffs on steel imports could significantly damage the European steel industry, especially in Germany, following the announcement to double tariffs to 50%. The U.S. represents a crucial export market, accounting for about 4 million tonnes of European steel. The tariffs exacerbate import pressures from cheaper Asian steel flooding into Europe, prompting the EU to tighten steel import quotas. Salzgitter's shares, along with those of other major European steel manufacturers, have fallen amid these concerns.
Source: YAHOO