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Trump Trade war – A boon for some European producers

Washington’s tariffs on steel imports have prompted warnings of an earnings hit for European producers, but for companies such as ArcelorMittal with operations in increasingly protected markets, levies are expected to yield a profit bonanza. The tariff move coupled with strong demand has sent US hot rolled coil steel futures to decade highs around USD 900 a tonne, up 35 percent on the year. This has been a boon for European steelmakers that can still sell into the United States despite the tariffs, and which since July have been protected by EU steel tariffs imposed in response to the US levies.

European steelmakers are also benefiting from capacity cuts in China and robust global growth.

Despite this, investors are reticent to bid up the stocks due to concerns the global trade rift triggered by Washington’s steel tariffs will be protracted, eventually damaging growth and demand.
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