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BUZZ-European steelmakers slip with Trump set to announce metal tariffs

ReutersFeb 10, 2025 8:15 AM

Adds analysts' comments in bullets 3-6

Shares in some European steel firms are down in early Monday trade after U.S. President Donald Trump said on Sunday he will introduce new tariffs on all steel and aluminium imports

The world's second-largest steelmaker ArcelorMittal MT.AS slides 2.3% at 0811 GMT

It could face headwinds in North America as the bulk of its U.S. sales are made of imports from Canada and Mexico, ODDO says

Norwegian aluminium producer Norsk Hydro NHY.OL is down 0.8%, Finnish stainless steel maker Outokumpu OUT1V.HE slides 0.6%

Austrian steelmaker Voestalpine VOES.VI slips 1%

Germany's Thyssenkrupp TKAG.DE, Salzgitter SZGG.DE, Kloeckner KCOGn.DE are down between 0.5% and 1%

*"On Salzgitter I don't see any big impact since the company only exports limited volumes of tubes to the US from Europe," ODDO analyst Maxime Kogge told Reuters

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