"They are hitting the European economy." German Salzgitter assessed the impact of US tariffs on steel
Gunnar Gröbler, CEO of German steel giant Salzgitter, the country's second-largest steel producer, said the new US tariff policy is dealing a serious blow to European industry, Reuters reports.
According to the German Steel Association, the US accounts for about a fifth, or 4 million tonnes, of European steel exports outside the EU, making it the most important export market for the industry.
"The unstable tariff policy of the United States is hitting the economy of Europe, and especially Germany, hard," said Graebler.
In addition to the direct damage to exports to the US, the EU is seeing an increase in imports of cheaper Asian steel, which is putting even more pressure on the European market, Graebler added.
Asian steel has flooded the European market, so there are fears that this trend will intensify due to US tariffs.
In response to these concerns, the EU tightened steel import quotas on April 1 to reduce inflows by another 15% under the so-called European Steel and Metals Action Plan.
Shares of Salzgitter, as well as other European steelmakers such as Thyssenkrupp and ArcelorMittal, fell 0.6–1.8% on the news.
- From March 12, 2025, 25% import tariffs on steel and aluminum, introduced by Trump shortly after taking office, came into effect in the United States.
- This decision directly affects Ukraine, as it was previously exempt from import duties on steel and steel products.
- On May 31, Trump decided to double tariffs on steel and aluminum imports. They will increase to 50% starting June 4.
