Recent geopolitical tensions between the United States and the European Union, particularly regarding the Greenland dossier, are creating new uncertainty on international steel markets. Threats of import tariffs as a political instrument affect not only major producers but also the Belgian steel trade.
Pressure on export and market access
The United States already applies import tariffs on European steel and appears ready to tighten these measures further. For Belgian steel companies, this means that access to the US market remains costly and uncertain, both for finished steel and steel-intensive products.
Although only 3% of Belgian steel exports are destined for the US, disruptions in trade flows can indirectly increase competitive pressure within Europe. Steel that cannot be exported to the US due to tariffs risks remaining on the European market.
Supply chain disruption
The unpredictability of trade policy has a direct impact on:
- Supply chains: Uncertainty over the costs of scrap and semi-finished products.
- Investments: More difficult long-term planning for traders due to fluctuating margins.
- Logistics: Shifts in trade routes and product availability.
European countermeasures and advocacy
The EU has instruments to defend against the misuse of trade tariffs, including trade protection measures and the Anti-Coercion Instrument. Belmetal is closely monitoring developments and continues, together with European partners, to defend the interests of the Belgian steel trade with national and European policymakers.
In a context of ongoing geopolitical and trade uncertainty, a strong, coordinated European policy remains essential to safeguard the stability and competitiveness of the Belgian steel trade.