Brazilian steelmaker Gerdau may opt to bump up its output capacity in the United States instead of building a new plant in Mexico, its CEO said on Thursday, as tariffs implemented by President Donald Trump shake up global trade.

The economic and geopolitical conditions that have affected the European steel market over the past two years show no signs of improvement and have further deepened their negative impact on the sector in 2024.

First quarter 2025 report. Data up to, and including, third quarter 2024.

Kevin Dempsey, president and CEO of the American Iron and Steel Institute, released the following statement on the memorandum issued by President Trump regarding reciprocal trade.

The same applies to steel and aluminum, key materials for car production, which both Mexico and Canada export to the US.

Their comments came after Trump signed an executive order on Feb 10, announcing a 25 percent tariff on all US steel and aluminum imports from March 12.

Contrary to the US administration's claims, Nagel asserted that tariffs would likely have negative consequences for the United States as well.

"China's 'circle of friends' to develop the circular economy is constantly expanding," Zhu Liyang said.