BUZZ-Steelmakers ArcelorMittal, Outokumpu take hit from tariffs on US imports

Shares in ArcelorMittal MT.LU and Finnish peer Outokumpu OUT1V.HE slide about 3% and 2%, respectively, as US President Donald Trump on Saturday imposed tariffs on imports from Mexico, Canada and China

J.P.Morgan notes that ArcelorMittal derives about 15% of sales from USA, the majority of which are steel exports from Mexico and Canada

In case of Outokumpu, about 30% of sales are from North America with dependence on Mexico due to the group's San Luis Potosi stainless steel plant, the brokerage says

JPM also notes that the new 10% tariffs on China reintroduces interconnected downside risks to base metal prices and US dollar/Chinese yuan exchange rate

Shares in Spain's Acerinox ACX.MC, which has the highest USA-based steel footprint of European listed steel producers, and in Sweden's SSAB SSABa.ST, which also has production facilities located inside USA, are slightly up