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Metinvest considers the US market as a good opportunity for its steel sales, following the US decision to abolish the Section 232-related 25 percent import duty. The company may be in a position to increase exports to the US instead of supplies to Latin America and Asia, its statement reads. In particular, Metinvest now plans to offer square billet and pipes to the US and, depending on the market, to try selling rebar and wire rod.
On May 9, the US authorities announced they were suspending the Section 232 duty for Ukraine for one year. Previously, the UK had abolished all duties and quotas for Ukraine’s products. The European Commission has raised the same issue and previously the Canadian government came up with an initiative to cancel all trade restrictions for Ukraine for one year.
Such trade policies of importing countries are expected to support ex-Ukraine exports, particularly for steel products. The outlets located near Ukraine are considered to be the most important ones, given Ukraine’s access to ports is almost non-existent and that logistics have been rerouted through Europe, Poland in particular. Moreover, Ukrainian companies are working to meet customers’ needs. In particular, Metinvest has recently mastered the production of a 9 mt coil at a request of a Polish customer.