DUESSELDORF/FRANKFURT: Salzgitter, Germany's second-largest steel producer, on Monday cautioned that Washington's tariff strategy was significantly harming European industry, following the U.S. government's announcement to increase steel import duties to 50 per cent. "The unpredictable tariff policy of the USA is severely impacting Europe's economy, particularly Germany," stated Salzgitter CEO Gunnar Groebler in a written statement. Salzgitter's shares declined alongside major European rivals Thyssenkrupp and ArcelorMittal, with all experiencing drops of 0.5 to 2.1 per cent.
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Groebler mentioned that in addition to the direct tariffs on exports to the U.S., the EU market faced heightened import pressure due to escalating quantities of affordable Asian steel in Europe. Germany's steel association reports that the United States represented approximately 20 per cent or 4 million tonnes of European steel exports beyond the EU, ranking as the top export market. Groebler stated that a rise in steel import tariffs in the USA to 50 per cent should encourage the EU Commission to expedite the implementation of the initiatives outlined in the Steel and Metals Action Plan.
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