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Trump Trade War - Outokumpu confident on EU safeguard measures

Steel News - Published on Wed, 23 May 2018

Image Source: NetNewsLedger
Reuters reported that Finland’s Outokumpu, one of the world’s largest makers of stainless steel, believes the European Commission will come up with safeguard measures next month to protect the industry. European steel exports are due to take a hit from President Donald Trump’s move to impose a tariff of 25 percent on US steel imports. The industry is also worried that the EU will see a surge in imports as steel which would have gone to the U.S. market is diverted to Europe. Outokumpu Chief Executive Roeland Baan said in an interview that “All the steel that has been deflected out of the U.S. is looking for another home. Some of that will come to Europe, and that is our main concern, a big danger."

Mr Baan said he has personally met with Trade Commissioner Cecilia Malmstrom and Vice-president Jyrki Katainen several times. He said that “We have been very active. We expect that during June the safeguard measures will be announced.”

He also said “United States is the third largest stainless market to leave that would be strategically foolish. Mill would gather pace as new investments will broaden its product portfolio, as US customers would start increasing their orders as Outokumpu gains their trust.”

While Outokumpu is set to benefit from the US tariffs thanks to its operations in the United States and an exemption for Mexico it has lobbied hard in the EU for safeguard measures.

Source :

Posted By : Amom Remju on Wed, 23 May 2018
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