BUSINESS

Steel and aluminium companies fear indirect hit from US tariffs

ANESTIS DOKAS

TAGS: Industry

Greece’s steel industry is on high alert after US President Donald Trump’s decision to slap a 25 percent tariff on imports of the commodity.

Greek firms do not export to the US, but the obstacles that Washington is raising to the flow of steel from abroad are expected to turn many major companies to markets where Greece currently exports to, thereby weighing on profit margins and reducing raw material prices.

The Aluminium Association of Greece added that if a 10 percent levy is added to the existing 3.5 percent tax in the US, there is a risk the European market will be flooded with aluminium products from third countries.

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