(Reuters) – German Kloeckner & Co said on Wednesday that U.S. tariffs on steel and aluminium would likely have a positive effect on its business, at least initially.
“The tariffs are for the time being positive for us,” CEO Guido Kerkhoff said in a press conference.
Kloeckner, which distributes steel and metal products, says it acts as a connecting link between steel producers and consumers.
The tariffs initially caused prices to rise and customers to stock up on products, Kerkhoff explained.
“We also don’t have volumes that we ship from Germany to the USA,” Kerkhoff added, saying the effects look positive in regards to the second and third quarter.
(Reporting by Tom Käckenhoff, writing by Marleen Kaesebier; Editing by Ludwig Burger)
