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Analysts Cole Hathorn and Tommaso Castello of Jefferies stated in their report that increasing the U.S. steel import tariffs from 25% to 50% will have a negative impact on EU-listed steel companies exporting to the United States. For example, ArcelorMittal, based in Luxembourg, is expected to face losses of $100 million per quarter under the 25% tariffs. If the tariffs increase to 50%, the impact is estimated to rise, with the total annual amount exceeding $500 million. Jefferies also noted that increasing the tariffs to 50% will also affect Austria's Voestalpine, increasing the impact on the company from 30-40 million under the initial 25% tariffs to over 80 million.