Stellantis CEO Calls for Lower Steel Duties as Metal Prices Jump
(Bloomberg) -- Stellantis NV, owner of the Jeep and Ram brands, called for U.S. and European officials to lower protective tariffs on steel as raw material and energy inflation following Russia's invasion of Ukraine threaten to erode profits this year.
“We need more competition, or more production in the regions so that we don't create an imbalance between the offer and the demand, and we bring inflation down,” Chief Executive Officer Carlos Tavares said on a call with reporters Friday.
While domestic steel prices have recently dropped to the lowest in more than a year, automakers continue to face rising costs from other critical materials needed in cars. Palladium, used in catalytic converters for pollution control, broached $3,000 a ton on Friday for the first time in about 10 months. Aluminum touched an all-time high this week, while shipping charges of the metal in North America surged to the highest ever.
Amid all of this, 25% duties remain on certain imports of steel, which some buyers say keeps benchmark prices artificially inflated.
©2022 Bloomberg L.P.
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