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Trump Trade War - Voestalpine sees delays over steel tariff exclusion requests

Steel News - Published on Wed, 13 Jun 2018

Image Source: Wikimedia
Reuters reported that Austrian steelmaker Voestalpine expected prolonged delays from Washington in dealing with thousands of applications for exclusions from steel tariffs it has received from companies in the United States. The steelmaker, which last week reported bumper annual profits, said about a third of its US sales would be impacted by Washington’s steel import tariffs, adding that it was talking to its customers about who would bear the cost.

Outgoing Voestalpine CEO Wolfgang Eder told Reuters that “As far as we know, none of these (tariff exclusion) applications have been answered. We have received no reply.”

He said the application process was so cumbersome that the US Commerce Department might not get round to responding to the bulk of the 10,000 or so exclusion requests it had received.

Mr Eder said that out of a total of 1.3 billion euros ($1.5 billion) of US sales, Voestalpine expected 400 million euros worth would be subject to tariffs because they involved products imported into the United States rather than produced there.

Although there tend to be no set agreements in contracts between steelmakers and their customers as to who pays in the event of a tariff, industry experts expect that at present most US customers will agree to pay the cost.

Source :

Posted By : Sanju Moirangthem on Wed, 13 Jun 2018
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