PyroGenesis (PYR.TO) on Tuesday afternoon said it believes that the US tariffs will not significantly affect its financial performance.

The company said it manufactures many key systems outside of Canada, including its Drosrite aluminum metal dross recovery systems in the United States, and most of its other components come from countries not targeted by tariffs. Additionally, while the company does have U.S. defense-sector clients, the majority of its current and potential clients are based outside the United States, particularly in Europe, Canada and the Middle East.

Most of PyroGenesis' contracts are in U.S. dollars or euros, reflecting its international client base. For example, 84% of the company's $58-million backlog is in US dollars, 4% in Euros, and 12% in Canadian dollars, it added.

Earlier on Monday, PyroGenesis provided details for its NexGen plasma atomized metal powder production system after identifying the previously unnamed global aerospace company as Boeing (BA).

PyroGenesis Chief Executive Peter Pascali, in an earlier release had stated that "throughout this qualification process with Boeing, and ahead of the final supplier list notification, PyroGenesis has not been idle. We continue to improve the system in step with Boeing's continued technological advancements...".

The company saw improvements like increased yield of key powder by 33-50%, increased operational uptime by more than 25% and reduced costs by about 20%.

PyroGenesis shares closed down $0.02 to $0.60 on the Toronto Stock Exchange.