India's Tata Steel is concerned about U.S. plans to impose tariffs on steel imports, a senior executive at the group's European unit said on Wednesday.
"We need appropriate measures against a negative influence on the European market," Henrik Adam, chief commercial officer at Tata Steel Europe, told an industry conference. "We believe in fair, free trade."
President Donald Trump announced last week he would impose hefty tariffs on imported steel and aluminum to protect U.S. producers, risking retaliation from major trade partners like China, Europe and neighboring Canada. Wikimedia Commons
Adam said it was still unclear what exactly the tariffs would look like but warned there was a risk that the European market might be forced to absorb imports originally meant for the U.S. market as a result.
Adam said the U.S. market was relevant for Tata Steel Europe, which is currently working on merging with the European steel business of German rival Thyssenkrupp, adding it makes about half a billion euros of annual sales there.