Yes, a few years ago the market was exceptionally good for stainless steel sellers in the USA, but it hasn’t been since mid-2023. The impact of tariff walls remains to be seen; Trump started his term the day before yesterday. Outokumpu’s analyst forecasts have hardly taken any stance on the impact of tariffs on profitability.
In the long run, price differences between raw materials will level out between different market areas when operating in a global market economy. In terms of price level, there is currently no clear premium visible in the USA compared to Europe, even though the economic situation is better. The impact of potential tariffs on the price level and Outokumpu’s profitability remains to be seen, but I wouldn’t conclude anything from those few analyst forecasts.
