Title : Trump's softer tariff stance 'removes concerns' of Bluescope Steel boss
link : Trump's softer tariff stance 'removes concerns' of Bluescope Steel boss
Trump's softer tariff stance 'removes concerns' of Bluescope Steel boss
Bluescope Steel chief executive Mark Vassella is feeling optimistic about United States President Donald Trump's softer stance on possible exclusions from US tariffs on imported steel and aluminium.
In a briefing to analysts and journalists, Mr Vassella said the special relationship between Australia and the US puts Bluescope "in the right frame" to be excluded.
"We're encouraged that he [Mr Trump] recognised the special relationship of Australia," he said.
"Obviously there's more work to do but we think that relationship and our unique position holds us in good stead.
"Our strategy is to continue to grow and expand in the North American market and today's decision gives us clarity about our investment strategy and removes any concerns we might have had about our business on the (US) west coast.
"If any exemptions are granted we will be able to continue to import product from Port Kembla into our business on the US west coast."
While working to get certainty for Bluescope's exports to the US, Ms Vassella said Australia's anti-dumping regime needs to be "even sharper and more robust than it is" as the targets of the US tariffs potentially flood other markets.
Bluescope has $US3 billion of investments across 12 states in the United States, where it employs 3,000 American workers.
The company is Australia's sole exporter of steel but accounts for a fraction of the market which is dominated by Canada, Mexico, China and Brazil.
Following Mr Vassella's briefing, Bluescope shares fell even further.
The company's stocks had dropped 3.4 per cent to $15.20 at 1:20pm (AEDT).
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