March 2, 2018 / 5:13 PM / 3 months ago

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

BRASILIA, March 2 (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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