Bank of America: Under the shadow of U.S. tariffs, the European steel industry is facing another challenge

On February 17th, Jinshi Data reported that analysts at Bank of America said that European steel manufacturers may face indirect risks due to US tariffs on steel, as this may lead to an increase in steel imports to Europe. Analysts pointed out that Swedish steel company SSAB may benefit from the tariffs as it has business in the United States, while ArcelorMittal and Voestalpine may be negatively affected. As Europe is a relatively large and open market, steel excluded from the US market may turn to Europe, posing secondary effects on steel producers in the region. In 2018, US tariffs on steel had an impact on the European steel industry. At that time, global and US steel demand was positive, but now the global steel market is under pressure, and the demand situation is even worse.