US export restrictions hit ASMI a little less than expected

The US export restrictions will impact ASM International slightly less than originally anticipated, the company announced in a statement. After studying the new regulations in detail, the chip equipment manufacturer now expects 15-25 percent of sales in China will be affected, instead of the 40 percent reported in October. As a result of this adjustment, ASMI has raised Q4 guidance to 630-660 million euros, up from the 600-630 million previously expected. Additionally, some of the canceled orders may be rebooked in Q4 or early 2023.

ASMI CEO Benjamin Loh told the Financial Times that he doesn’t expect the US to ease up on the restrictions any time soon. "I think we have not seen the end of this yet," he said, noting that the US has been turning up the heat on its allies to stop selling high-end tools to Chinese companies. Trade secretary Liesje Schreinemacher has said that the Dutch government "won’t copy" the US export rules.