Ministry of Economy assesses the impact of US duties on Ukrainian steel: it is ready to seek solutions with partners
Kyiv • UNN
The US imposes new duties on steel imports, which will affect Ukrainian exports of steel products. The Ukrainian side is looking for a solution by March 12, when the 25% tariffs are to take effect.
The US duties on steel will affect Ukrainian exports of metallurgical products, which account for almost 58% of Ukrainian exports to the US. The Ukrainian side is determined to work actively with its partners to find an optimal solution before March 12, when the duties are due to take effect. This was stated by First Deputy Prime Minister and Minister of Economy Yulia Svyrydenko on Facebook on Tuesday, UNN reports.
Details
"In recent years, we have been making every effort to keep Ukrainian steel outside the 25% tariffs in the US. The US decision to impose duties on steel from other countries, including Ukraine, starting March 12 will naturally affect the steel industry," Svyrydenko wrote.
According to her, exports of metallurgical products accounted for 57.9% of Ukraine's exports to the US - $503.3 million out of $869.1 million. The largest exports are pig iron ($363.4 million, 940 thousand tons), pipes ($112.9 million, 92 thousand tons), bars ($15.2 million, 3.3 thousand tons), wire ($4 million, 3.9 thousand tons), and metal structures ($1.3 million, 182 tons). "The largest exporters of these products are ArcelorMittal Kryvyi Rih and Interpipe. These companies have been severely affected by the war, as has the entire steel industry," the Minister of Economy added.
At the same time, as stated in Trump's proclamation, the share of Ukrainian products in US steel imports is minimal and does not have a significant impact on US producers. (...) Therefore, we are committed to working actively with our partners to find the best solution by March 12
Previously
US President Donald Trump has signed a decree imposing 25% duties on steel and aluminum imports.