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Kloeckner CEO says could profit from U.S. anti-dumping tariffs
April 26, 2017 / 8:55 AM / 7 months ago

Kloeckner CEO says could profit from U.S. anti-dumping tariffs

FRANKFURT, April 26 (Reuters) - German steel distributor Kloeckner & Co would more likely profit than lose from any new steel anti-dumping measures that the United States may impose, its chief executive said on Wednesday.

“We are more likely to be positively affected by U.S. tariffs than negatively,” Gisbert Ruehl told reporters on a conference call after Kloeckner reported first-quarter results and said it expected a noticeable improvement in core profit this year.

Ruehl said Kloeckner mainly sources and sells locally in the United States, importing only 7 percent, and would benefit from higher prices. The United States accounts for about 40 percent of Kloeckner’s business.

Ruehl said it was hard to predict the exact effect on Kloeckner if cheap steel imports flowed to Europe instead of the United States. He said: “If that happened we would be balanced.” (Reporting by Georgina Prodhan)

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