Salzgitter warns of impact of US tariffs
DUESSELDORF/FRANKFURT (Reuters) - Salzgitter, Germany's second-largest steel producer, received alarming news from Washington on Monday. The US government plans to double import tariffs on steel to an astonishing level of 50%. CEO Gunnar Groebler expressed concern that this chaotic tariff policy will put a heavy burden on European industry, especially in Germany. In recent days, shares in Salzgitter and other major European steel producers such as Thyssenkrupp and ArcelorMittal, which fell between 0.5% and 2.1% in value, have also suffered a severe setback. Groebler pointed out that direct tariffs on exports to the USA are not the only challenge; a growing amount of cheap Asian steel is also entering the EU market. According to the German Steel Association, the USA accounted for around a fifth of European steel imports outside the EU, which has a decisive influence on the market. Groebler appealed to the EU Commission to take faster action under the Steel and Metals Action Plan to protect the European industry.
Tesla sales in Norway rise massively
OSLO (Reuters) - Things are going well for Tesla in Norway. $TSLA (+0,03 %) In May, the electric car manufacturer recorded an impressive 213% increase in new car sales compared to the previous year, selling a total of 2,600 vehicles. This sales surge is due in no small part to the redesign of the popular Model Y, which has been the country's best-selling car for the past three years. The year-to-date sales figures are also promising, with sales up 8.3% compared to the first five months of 2024. Amazingly, nine out of ten new cars sold in Norway last year were fully electric, and this year the share of electric vehicles is already at 92.7%. This shows that Norway is getting ever closer to its goal of rejecting diesel and petrol cars. To further boost sales, Tesla is offering interest-free loans in Norway and other countries to buyers who take delivery of a new Model Y by the end of June. In contrast, the situation looks less rosy in Sweden, where Tesla's new car sales fell by 53.7% year-on-year to just 503 vehicles in May.
Sources:
https://finance.yahoo.com/news/european-industry-hit-hard-trump-082048675.html
https://finance.yahoo.com/news/teslas-sale-norway-rises-213-082348181.html