European steelmakers' shares hit by latest Trump tariff plans
FRANKFURT (Reuters) -Shares in European steelmakers, which account for about 15% of imports into the United States, fell on Monday after U.S. President Donald Trump announced plans for new tariffs on steel and aluminium imports.
Roughly a quarter of all steel used in the United States is imported, the bulk of it from neighbouring Mexico and Canada or close allies in Asia and Europe, such as Japan, South Korea and Germany.
Shares in ArcelorMittal, Voestalpine, Thyssenkrupp and Salzgitter were all down by between 0.6% and 2.2% after the tariff announcement.
"The company by far the most concerned is ArcelorMittal ... with 13% of sales generated in the U.S.," said analysts at financial services group ODDO-BHF.
ArcelorMittal's finance chief last week said that the hit from potential U.S. tariffs would be about $100 million a quarter and that the group had no plans for preemptive shipments.
Thyssenkrupp has said that about 5% of its annual production is exported to the United States.
(Reporting by Christoph Steitz and Paolo LaudaniEditing by Rachel More and David Goodman)
