Arcelor welcomes S201 cancellation
The world's largest steelmaker Arcelor welcomed the removal of the steel safeguard measures by end last week, by the US President G.W. Bush however expressed that such decision should not have come in so late. According to Guy Dolle, the Chairman Executive Officer of Arcelor, 20 months is a long period of time especially in steel
trading, enough to easily destroy a company or a market.
The company does not expect a quick return to its customer in the US as it takes money and time to reestablish these relationships. According to company officials it will take at least three or four quarters to come back to the old flux.
During this period Arcelor's annual exports into the US fell to 400'000 mts from a previous 1 million mt level, a drop which came up also due to currency.
Arcelor sees that the weak state of US Dollar still serves as a protection to the
US steel industy although the tariffs are lifted and does not expect an immediate surge of exports with destination to the US under these circumstances.