- Pres. Trump's plan to double tariffs on steel imported from Turkey to 50% could push up costs even further on Kinder Morgan's (NYSE:KMI) proposed 1.98B cf/day Gulf Coast Express Pipeline and hurt prospects for future U.S. natural gas projects, Platts reports.
- KMI, which moves more than a third of the gas consumed in the U.S., is sourcing 144K metric tons of specialized steel pipe from Turkish producer Borusan Mannesmann to be used for the project, and already had ordered nearly half of the pipe it needed before Trump’s original move in March to raise tariffs on most steel and aluminum imports by 25%.
- A KMI spokesperson does not say whether tariffs on steel imports from Turkey would delay or imperil Gulf Coast Express; the company does say it has not yet received a decision on its application to the U.S. Commerce Department for an exemption to the original tariff.
- Gulf Coast Express is the first in line among a handful of pipeline expansions designed to alleviate transportation constraints in the Permian Basin; KMI's partners in the project are DCP Midstream (NYSE:DCP) and Targa Resources (NYSE:TRGP).
- Now read: Kinder Morgan Got The Cash As Shareholders Expected
Original article