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Outokumpu: US Tariff Exemption On Steel Says NO

Sep. 25, 2018

Outokumpu of Finland, the world's largest stainless steel producer, said that the United States will give very few steel tariff exemption requests and added that the US stainless steel price is expected to resume its upward trend.

Outokumpu CEO Roeland Baan told Reuters at an industry conference in Helsinki that, as always, the issue of trade disruption must be resolved. US importers formally pay customs duties, but steelmakers outside the US actual benefits settle these tariffs by lowering export prices by about 25 They do this because they want to ultimately protect their customers from the impact. But this is impossible. When this becomes clear, I see that US pricing has more upside potential.

Roeland Baan said that although the EU has imposed tariffs and quotas on steel imports since July, European orders have not been restored, in order to prevent the steel originally used in the United States from being transferred to Europe. He said that stainless steel imports still The account of nearly one-third of the EU market. EU producers will feel the benefits of EU measures by the end of this year, as import quotas will be fully completed by then.

This spring, US President Trump imposes a 25% tariff on imported steel, but if they don't have enough quality or quantity of metal, or within a reasonable amount of time, they can apply for an exemption. As of August 20, the US Department of Commerce had received more than 37 000 requests for exemptions, but only 1780 applications were approved, although the department hired additional staff and contractors to handle a large number of requests.

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