BUZZ-SSAB shares rise on tariffs on US imports, ArcelorMittal, Outokumpu take a hit
Recasts, updates share moves
Shares in Swedish steelmaker SSAB SSABa.ST, which has production facilities in the U.S. and gets about 35-40% of its sales from the country, rise 2.5% as U.S. President Donald Trump on Saturday imposed tariffs on imports from Mexico, Canada and China
ArcelorMittal <MT.AS> and Finnish peer Outokumpu OUT1V.HE slide about 4% and 2%, respectively
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 US-based steel footprint of European listed steel producers, are up slightly
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