March 9, 2018 / 10:03 AM / a year ago

Swedish steelmaker SSAB says it is studying impact of U.S. steel tariffs

STOCKHOLM, March 9 (Reuters) - Swedish steelmaker SSAB said on Friday it expected a two-fold impact after U.S. President Donald Trump pressed ahead with a 25 percent tariff on steel imports.

While SSAB generates the largest share of its sales in Europe, it is one of the largest steel plate producers in the United States. The company has a production capacity of 2.4 million tons of steel at its mills in Iowa and Alabama.

SSAB said it also exported around 250,000 tonnes of specialised high-strength steel products from Sweden and Finland to the United States last year.

“We will investigate the impact to our business and discuss with our customers the best way to go forward given yesterday’s announcement,” CEO Martin Lindqvist said in a statement.

SSAB said it would encourage U.S. government officials to maintain the long-standing positive trade relationship between the United States and the Nordic countries.

“If exemptions are not granted, we will continue to evaluate all aspects of our American business – from pricing and investments to logistics and operations – to ensure our business remains profitable and best poised for future growth,” the company said. (Reporting by Johannes Hellstrom; editing by Niklas Pollard and Adrian Croft)

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