Steelmakers ArcelorMittal, Outokumpu take hit from tariffs on US imports

SSAB AB

03/02/2025 08:37

** Shares in ArcelorMittal  MT.LU  and Finnish peer
Outokumpu  OUT1V.HE  slide about 3% and 2%, respectively, as US
President Donald Trump on Saturday imposed tariffs on imports
from Mexico, Canada and China
    ** J.P.Morgan notes that ArcelorMittal derives about 15%
of sales from USA, the majority of which are steel exports from
Mexico and Canada
    ** In case of Outokumpu, about 30% of sales are from North
America with dependence on Mexico due to the group's San Luis
Potosi stainless steel plant, the brokerage says
    ** JPM also notes that the new 10% tariffs
on China reintroduces interconnected downside risks to base
metal prices and US dollar/Chinese yuan exchange rate
    ** Shares in Spain's Acerinox  ACX.MC , which has the
highest USA-based steel footprint of European listed steel
producers, and in Sweden's SSAB  SSABa.ST , which also has
production facilities located inside USA, are slightly up 

    

 (Reporting by Elviira Luoma)
 ((Elviira.luoma@thomsonreuters.com))