ASSOFERMET emphasized that the US tariffs could seriously threaten the European Union (EU) steel industry. The US is the second largest export market for EU steel producers, accounting for 16% of total steel exports in 2024. However, the new tariffs could lead to a drop in production in the EU steel and aluminum sector and domestic demand may be insufficient to cover this gap.
The Association also pointed to the risk of shifting steel flows from Asian countries to the EU market. “Our main concern is the possible domino effect of the new tariffs against Asian countries,” ASSOFERMET stated, adding that this could lead to an increase in prices and a decrease in the competitiveness of the European steel industry. On the other hand, some EU steel producers have already started direct production in the US to overcome the tariffs.
ASSOFERMET mentioned the possibility of the US administration imposing reciprocal tariffs on countries that impose trade barriers against the US, which could further complicate trade relations between the EU and the US. This situation could also slow down the EU's green transformation process. Industry representatives emphasized that the EU should keep domestic demand alive by taking more comprehensive measures instead of only protecting the production phase.
Industry representatives underlined that the EU should take more comprehensive measures to protect the domestic market. If the measures are aimed only at the production phase, production assets in Europe may be damaged due to high costs and competitiveness may be lost in the long run.
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