Salzgitter forgoes 2020 guidance

German steelmaker Salzgitter AG has announced that it cannot reliably project its 2020 earnings due to the uncertainty surrounding COVID-19’s economic impact. In a statement, the company said it’s also incapable of maintaining its 2020 forecast, which it published earlier this month. Salzgitter has so far preserved its operational capabilities despite pandemic-related shutdowns, and noted it was using all available avenues to ensure its business and employees are minimally impacted.

 

CAMMU urges Trump to end Sec 232 tariffs

The Coalition of American Metals Manufacturers and Users (CAMMU) has urged the Trump administration to repeal Sec 232 tariffs because COVID-19 has already upended the economy. In a letter to President Trump, CAMMU pressed for, at the very least, a 90-day moratorium on tariff imposition. The coalition furthermore stated that the tariffs have already hurt manufacturers—which have lost business to foreign competitors because US steel prices are too high—and steel consumers, and that the pandemic would exacerbate those woes. 

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