1308 GMT - European steelmakers could face an indirect risk from U.S. tariffs on the metal due to a potential increase in imports in Europe, Bank of America analysts say in a note. Tariffs could benefit SSAB due to its U.S. presence while hurting ArcelorMittal and Voestalpine, the analysts say. However, European steel producers could face second-order effects given that Europe is a relatively large and open market where steel displaced from the U.S. could find another home, the analysts say. The European steel industry was already hit by U.S. tariffs in 2018. Back then, global and U.S. steel demand was positive, whereas global steel markets are under pressure currently and the demand picture is worse, according to Bank of America. Voestalpine shares are up 2.2%, ArcelorMittal up 1.4% and SSAB up 0.8%. (adria.calatayud@wsj.com)
(END) Dow Jones Newswires
February 17, 2025 08:08 ET (13:08 GMT)
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