Tariff Update - June 1, 2018

Tariff Update from Ulbrich

As you are aware from our correspondence and coverage in the media, it was announced on Thursday, May 31, 2018 that a quota agreement was not reached and countries previously extended exemptions from the announced tariffs on March 8, 2018 would be subject to the 25% tariff on steel and 10% on aluminum effective June 1, 2018. Countries included in this decision will be steel products from the European Union, Canada and Mexico.

For products affected by these tariffs, our prices will be adjusted immediately reflecting the impact of the tariffs.

For materials that Ulbrich procures from the countries impacted we have started the process to file for exclusions. We are committed to keeping you informed as we learn more information and the outcomes of the exclusion requests.

Please note that many other countries such as India, Malaysia, Viet Nam and China are still subject to the tariffs. The tariffs are still in effect for countries that did not receive a pause on the implementation of the tariffs.

We realize that these proceedings have a large impact on your business. If you have any specific questions please contact your representative at Ulbrich Stainless Steels and Special Metals, Inc.

Regards,

Your Team at Ulbrich