Growing sanctions on Russia over its invasion of Ukraine might help the Brazilian steel industry increase its exports to the US, according to a media report by InfoMoney.
Marco Polo de Mello Lopes, executive president at Brazilian steel association, IABr, said the sanctions on Russia will “certainly” open space for Brazilian negotiations with the US over Section 232.
Brazil is the largest exporter of slab to the US, followed by Russia. With restrictions on Russian exports, it’s evident that there should be a change in the flow of steel trade, Lopes said.
Currently, the US has imposed a quota on Brazilian steel exports to the North American country. Brazil has been trying to eliminate quotas on its exports of semi-finished steel products to the US.