Banc Sabadell: Trump will impose an additional 25% tariff on steel imports which would leave the tariff burden on these products at 50%.
Assessment: Negative news given that we understand that although at first the company stated that the impact of the tariffs could be positive, the fall in the dollar, together with the fall in demand linked to the uncertainty, would be weighing on the business.
Thus, despite its ability to increase prices locally (the US weighs <20% of Ebitda), we believe that the overall tariff effect could end up subtracting ~10% of Ebitda 2025 and cut the recovery expected for the year as a whole.
