HULAMIN LIMITED - Impact of Import Tariffs by United States of America

Impact of Import Tariffs by United States of America

HULAMIN LIMITED
(Incorporated in the Republic of South Africa)
Registration number 1940/013924/06
JSE Code: HLM
ISIN: ZAE000096210
("Hulamin" the "Group" or the "Company")

IMPACT OF IMPORT TARIFFS BY THE UNITED STATES OF AMERICA

Hulamin derives approximately 11% of its rolled products volumes from exports to the United States of America
("US"). Hulamin exports to the US were historically subject to import duties which comprised a base duty, a
Section 232 duty ("s232 duty") and an anti-dumping duty.

The s232 import duties were initially imposed in 2018 at a flat rate of 10% on all imports into the US. After the
imposition of the s232 duty several countries, including the European Union, Japan, Mexico and Canada
("exempted countries"), received an exemption from this duty. Aluminium imports from exempted countries
were subject to a nil percent duty in terms of s232. Hulamin was subject to the 10% flat rate duty introduced in
2018.

On 10 February 2025 the US announced that s232 duties would be applicable to all aluminum products imported
into the USA at a flat rate of 25%. It should be noted that the 25% duty is not in addition to the 10% previous
duty but replaces that duty in its entirety. This means that imports from exempted countries will henceforth also
be subject to a s232 duty of 25%.

The base duty and anti-dumping duties payable on exports by Hulamin to the US remain unchanged.

Hulamin's view is that the duties announced on 10 February 2025 will have no impact on Hulamin's competitive
position in the US market as all its competitors will be subject to the 25% tariff. As the countries' exemptions to
the s232 duties will be removed, Hulamin's competitive position will improve. Accordingly, the expectation is
that volumes going forward supplied to the US and the margins achieved thereon will remain unchanged. The
imposition of tariffs by the US is a dynamic situation and future changes in the US tariff regime could impact on
the view expressed above.



Pietermaritzburg
20 February 2025

Sponsor
Questco Corporate Advisory Proprietary Limited

Date: 20-02-2025 11:01:00
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