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Trump Trade War – Exposure of European steel industry

The United States, the world’s biggest steel importer, has imposed tariffs of 25 percent on steel imports from the European Union, Canada and Mexico from midnight on June 1st 2018. Steel is the second biggest industry in the world after oil and gas. The following are facts and figures on the European steel industry and its exposure to the US tariffs:

1. Europe is the biggest exporter of steel to the United States, accounting for nearly 5 million tonnes out of total U.S. imports of about 35 million tonnes a year.

2. Data from European steel association Eurofer shows the United States was the destination of about 15 percent of Europe’s steel exports in 2017.

3. Eurofer says European steel exports could be cut in half by the U.S. measures. It also fears steel exported to the United States from other countries could be redirected to Europe on account of the tariffs.

4. EU exports of steel to the United States were worth 5.3 billion euros (4.6 billion pounds) in 2017.

5. Ratings agency Moody’s has said that the tariffs are credit-negative for European steelmakers.

6. ArcelorMittal is Europe’s largest steelmaker. Other top steelmakers in Europe include Thyssenkrupp, Tata Steel, Voestalpine, Salzgitter and SSAB.

7. Thyssenkrupp has said it supplies between 400,000 and 500,000 tonnes of steel a year to the United States while an industry source said Tata Steel Europe sells about 10 percent of its steel to the United States.

8. The European steel industry has a turnover of around 170 billion euros. It directly employs 320,000 people and indirectly employs millions more.

9. Europe produces on average 160 million tonnes of steel per year.
Source : REUTERS
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