美国加征407类钢铝衍生品关税，中国钢企上半年利润显著修复

Group 1 - The U.S. Department of Commerce announced the inclusion of 407 steel and aluminum derivative product categories in the tariff list, imposing a 50% tariff on these products effective August 18 [1][2] - The expanded tariff primarily affects intermediate products containing steel and aluminum, such as steel billets and slabs, as well as metal structural components and fasteners [2][3] - The direct impact on China's steel exports to the U.S. is limited, with only 89,000 tons exported in 2024, accounting for 0.8% of total exports [3][4] Group 2 - The engineering machinery and shipbuilding industries, which are steel-intensive, are expected to face limited impact due to their small proportion of U.S. business [1][4] - Major engineering machinery companies reported that their U.S. sales account for less than 1% of total business, indicating minimal overall impact [1][3] - The domestic steel industry has shown significant profit recovery despite external tariff pressures, with a 63.26% increase in total profits for key steel enterprises in the first half of the year [5][6] Group 3 - Several listed steel companies reported improved mid-year performance, with notable profit increases, such as Hualing Steel and CITIC Special Steel [6] - The overall steel industry achieved better results due to a decrease in crude steel production and effective supply-side management, despite external demand pressures [5][6] - Analysts suggest that the steel industry should adapt to changing U.S. tariff policies by enhancing competitiveness and diversifying export markets [6][7]