At least a third of surveyed companies have paused or delayed stainless steel orders due to U.S. import tariffs of up to 50%, while more than half are reconsidering their sourcing strategies, according to the statement from Finnish steelmaker Outokumpu.

Slowing global demand has left European Union import quotas too high. The European Commission is expected to announce measures in October to limit imports from competitors, replacing current safeguards set to expire next summer, and these could take effect earlier than planned.

A third of businesses had already switched suppliers, while the August addition of hundreds of derivative products to the U.S. tariff list created uncertainty for buyers of equipment and machinery. Outokumpu, which runs the only chromium mine in Europe and North America, has developed a low-emissions alloy with 99% chromium and aims to scale up production.