European steelmakers slip after Trump's tariffs pledge
** Shares in European steelmakers slip after president-elect Donald Trump pledged tariffs on imports from Canada, Mexico and China
** ArcelorMittal MT.AS, the world's second-largest steelmaker, slides 3.6% to the bottom of Amsterdam's main index AEX .AEX, peer Outokumpu OUT1V.HE is down 1.7%
** Less-exposed Acerinox ACX.MC and SSAB SSABa.ST are down between 1% and 1.3%
** ArcelorMittal has "no U.S footprint," says ODDO BHF analyst Maxime Kogge, adding that "since 2020 they just have small downstream units in the U.S. and no upstream capacity"
** J.P.Morgan says that ArcelorMittal could be one of "the most exposed" European steel companies under its coverage, along with Outokumpu
** It estimates that around 10% of ArcelorMittal'sshipments are likely direct exports to U.S., with the majority from Mexico and Canada, while puts that number at 8% for Outokumpu
** By contrast, JPM says Spain's Acerinox could benefit from future "made in America" policies as it has the highest U.S.-based steel footprint within its European steel coverage, and highest exposure to U.S. end markets
** It also notes that Sweden's SSAB generates about 35-40% of sales from U.S.-located steel plants, though adds that its outlook is complicated by potential reduction or unwinding of pro-wind policies
Reporting by Anna Peverieri
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