Salzgitter won't suffer much from new U.S. tolls - CEO in WiWo
Reuters
Published Apr 20, 2017 11:27
Salzgitter won't suffer much from new U.S. tolls - CEO in WiWo
FRANKFURT (Reuters) - Any new U.S. tariffs on steel imports will not leave a "trail of blood" in the financial results of German steelmaker Salzgitter (DE:SZGG), its chief executive told German business weekly WirtschaftsWoche in comments published on Thursday.
U.S. President Donald Trump is expected later to sign a directive asking for a speedy probe into whether imports of foreign-made steel are hurting U.S. national security.
Salzgitter CEO Heinz Joerg Fuhrmann said the U.S. market for large pipes was in any case not very fruitful. "We will not supply a single tonne to the USA that will be subject to this toll," he said.
Shares in Salzgitter pared losses to trade 1.9 percent down at 29.98 euros by 1012 GMT. Fellow German steelmaker Thyssenkrupp (DE:TKAG) was down 1.6 percent against a slightly firmer German blue-chip DAX (GDAXI).
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