SSAB Says U.S. Steel Tariffs have Twofold Impact

SSAB CEO Martin Lindqvist says that its U.S. steel production is supplemented with special products from Sweden and Finland, which will cause the company to evaluate its business operations upon implementation of the President's tariffs.

U.S. President Donald Trump has announced that a tariff of 25% will be imposed on steel being imported into the U.S. SSAB CEO Martin Lindqvist comments on the introduction of steel tariffs in the U.S.:

“Our Americas division has a production capacity of 2.4 million tons of steel at our U.S. mills in Iowa and Alabama. These volumes are excluded from the tariffs.

"However, our U.S. steel production is supplemented with special, high-strength products from Sweden and Finland that are not produced in our North American product lines. In 2017, these exports totaled around 250,000 tonnes. We will investigate the impact to our business and discuss with our customers the best way to go forward given yesterday’s announcement.

"Our Nordic exports into the U.S. are traded fairly, following established international rules of trade, and we have enjoyed a positive trade relationship for many years. We therefore will be engaging with U.S. government officials to advocate for the preservation of this important U.S.-Nordic trade relationship.

"If exemptions are not granted, we will continue to evaluate all aspects of our american business – from pricing and investments to logistics and operations – to ensure our business remains profitable and best poised for future growth.”