European steel shares surge on EU probe into foreign exporters
By Bloomberg
Shares of steelmakers ArcelorMittal and Salzgitter AG jumped after the European Union widened a competition probe, opening up the prospect of tariffs on non- stainless steels from China and Russia.
The EU is examining whether exporters of certain products sell them in the 28-nation bloc below cost, a practice known as dumping, according to a statement on Thursday. The investigation into cold-rolled flat products of iron or non-alloy steel follows a complaint from European industry group Eurofer.
ArcelorMittal rose the most in 1 1/2 years in Amsterdam trading, gaining as much as 7.2 percent. Germany’s Salzgitter climbed as much as 6.2 percent in Frankfurt, the most since February.
The EU has already imposed tariffs as high as 35.9 percent on electrical steel from the U.S., Russia, Japan, China and South Korea, it said Wednesday. Brussels-based Eurofer hailed the introduction of the antidumping duties, saying in a statement that they would “restore free trade in the EU market at non-injurious prices.”
ArcelorMittal traded up 5.6 percent at 10.26 euros as of 1:47 p.m. local time, while Salzgitter rose 5.5 percent to 35.40 euros. Germany’s ThyssenKrupp AG advanced 2.6 percent to 26.25 euros.
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