"European producers with US operations could become net losers if the US reduces steel tariffs, as a smaller price premium in the US would squeeze margins," writes Bloomberg Intelligence in an analysis.
The Swedish SSAB is pointed out in the commentary as the biggest loser in the industry.
Competitor Arcelor Mittal - with large flows from Mexico and Canada to the US - would likely benefit from the tariff cuts. But the gains would be slowed by the margin hit to the group's production in Calvert, Alabama, where Arcelor Mittal is about to increase capacity with a new electric furnace.
