May 17, 2018 / 11:11 AM / 4 months ago

Thyssenkrupp, Voestalpine subsidiaries seek U.S. tariff exemptions

FRANKFURT (Reuters) - U.S. subsidiaries of European steelmakers Thyssenkrupp (TKAG.DE) and Voestalpine (VOES.VI) have applied for exemptions from looming import tariffs in the United States, according to company comments and public filings.

FILE PHOTO: The logo of German steel-to-elevators group ThyssenKrupp AG is pictured during the company's annual news conference in Essen, Germany, November 24, 2016. REUTERS/Wolfgang Rattay/File Photo

The filings, first reported by German magazine WirtschaftsWoche, have been made by Thyssenkrupp Presta Danville LLC, which requires assembled camshaft tubes, and U.S. subsidiaries of Voestalpine.

“Voestalpine (U.S.) companies (which import the steel) have already submitted numerous applications for exemptions from the announced U.S. punitive tariffs on their products. The bureaucratic effort has proven to be very high,” a spokesman for the Austrian steelmaker said in e-mailed comments.

He said none of the applications have been approved so far.

U.S. President Donald Trump has imposed import duties of 25 percent on steel and 10 percent on aluminum on grounds of national security, but granted European Union producers a temporary exemption until June 1 pending the outcome of ongoing negotiations.

Reporting by Christoph Steitz, Tom Kaeckenhoff and Alexandra Schwarz-Goerlich. Editing by Jane Merriman

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