The Austrian company reported a decline of 11.2% in earnings before interest, taxes, depreciation and amortization (Ebitda) over April-September 2018, the first half of its financial year, to €860 million ($969 million). This compared with €969 million in the corresponding period last year.
It blamed this on “distortions of international trade in the wake of increasingly protectionist tendencies in an ever-growing number of countries.”
The United States used its Section 232 trade regulations to impose tariffs of 25% on steel imports and 10% on aluminium imports
from Canada, Mexico and the EU on June 1 this year.
The European Commission then imposed preliminary measures in a regional safeguard case on July 18 in the form of tariff rate quotas on 23 steel product categories
, based on average import volumes over the past three years. Imports will face a 25% tariff if the quota is exceeded.
“We did raise revenues...