(Bloomberg) -- In case you were wondering why three out of the nine companies attending President Donald Trump’s metal-tariff announcement this week were foreign, this map has the answer.
Steel plants owned by non-American companies such as ArcelorMittal account for a large chunk of total U.S. production, with the Luxembourg-based company’s plants alone representing about 16 percent, according to Bloomberg Intelligence.
Other foreign companies operating in the U.S. market include Moscow-based Evraz Plc, whose executives attended the White House event on Thursday, as well as Brazil’s Gerdau SA, whose shares rallied along with homegrown producers U.S. Steel Corp. and Nucor Corp.
While those foreign companies would pay tariffs on any semi-finished products such as slabs they bring in to the U.S., they wouldn’t be subject to duties on metal produced in America.
©2018 Bloomberg L.P.