Wirtschafts Vereinigung Stahl makes statements on the US tax decision

Gunnar Groebler, President of the Wirtschafts Vereinigung, stated;

“The US President's announcement of punitive tariffs on all steel imports has hit the steel industry in Germany and the European Union in several ways and at an inopportune time. However, the US is the most important sales market for the European steel industry. Around one million tons of mostly special steels are exported to the US every year from Germany alone. Around 20% of all EU steel exports go to the US market.

It is now important for the EU to act in a unified, planned and swift manner:

On the one hand, there is the rapid and consistent adoption of protective measures, so-called EU safeguards. The US tariffs on steel will shift volumes to Europe. This will exacerbate the already existing import pressure due to overcapacity from China.

Second, we continue to call for the EU to continue negotiations with the US on a sectoral agreement. Such a Global Arrangement on Steel and Aluminum could strengthen us Europeans in many ways.”