March 2, 2018 / 5:23 PM / a year ago

U.S. tariffs have no meaningful effect on Brazil steelmakers: Moody's

BRASILIA (Reuters) - A potential hike in U.S. tariffs would be “manageable” for Brazilian steel producers and would not have a “meaningful impact” on the larger steel companies, Moody’s Investors Service said on Friday in a note to clients.

Brazil’s largest flat steelmaker, Usiminas, exports only 15 percent of its output and only a negligible part goes to the U.S. market. The second-largest company CSN exports just 5 percent of its steel, Moodys said.

Tariffs could, in fact, favor Gerdau SA because it has significant operations in the United States, Moody’s said.

Reporting by Anthony Boadle; Editing by Daniel Flynn and Tom Brown

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