SSAB tops STOXX 600 as EU plans steel import quota cut

SSAB AB

01/10/2025 12:52

** Shares in Swedish steelmaker SSAB SSABa.ST soars as much as 10% to the top of Europe's benchmark index STOXX 600 .STOXX as EU plans to cut steel import quotas by nearly half, hike tariffs to 50%

** OP Corporate Bank analyst Joona Harjama says the driver behind SSAB share price reaction is purely EU's plans

** Harjama says the news is "very positive for European steelmakers if the tight policy will last and will truly be implemented in effective manner (i.e., preventing quota/tariff circumvention which has been a problem historically)"

** Another positive driver for the sector would be if EU would additionally impose direct steel tariffs to China as an anti-dumping measure, as China has been key issue behind the global overcapacity, Harjama adds

** SSAB's stock is highest since July 23 and on track for its best day since Jan 27, 2023

** Today's gains add about SEK 5.3 billion to the company's market cap

** Shares of SSAB's peers ArcelorMittal MT.LU and Voestalpine VOES.VI rise 4-5%, outperforming STOXX basic resources index .SXPP, which is up 1.5%

 (Reporting by Marta Frackowiak)

 ((marta.frackowiak@thomsonreuters.com))