(Bloomberg) — The materials going into a new $9.5 billion terminal at John F. Kennedy International Airport in New York have avoided hits from President Donald Trump’s tariffs, the project’s top investor said in an interview.
“The construction is very advanced, with 60% of the project completed, and 90% of the materials have already been bought,” Ignacio Madridejos, the chief executive officer for Ferrovial SE, told Bloomberg in Madrid. He added that any risk of cost increases related to the levies would be borne by a third-party construction company.
Prices for US steel and aluminum — two key materials for builders — have surged since Trump announced 25% tariffs, driving buyers to rush to stock up on supplies before the levies came into effect. While the premium has dipped this month, the two metals are still more expensive in the US than elsewhere.
Ferrovial is the lead investor in a consortium that’s building JFK’s new Terminal 1, scheduled to open in June 2026.
“There’s still much to do until the opening,” Madridejos said, citing the integration of systems and technologies that make the airport run smoothly. “We have to closely monitor the progress of the project as issues could arise along the way.”
The project is seen as the Spanish infrastructure firm’s “business card” for the US, where it aims to compete for as many as six toll road concessions over the next three years and is looking for opportunities to buy stakes in local airports.
The company’s stock began trading on NASDAQ last year, after a controversial move of Ferrovial’s registered headquarters to the Netherlands, which it says facilitated the listing. The shares have risen about 13% since then, outperforming the index.
Ferrovial’s most successful project in North America is the 407 Express Toll Road in Toronto, which has delivered C$9.5 billion ($6.6 billion) in dividends in the past 15 years and has been key to its North American pivot. The company increased its stake in the asset earlier this month.
Ferrovial led the consortium that built London’s Heathrow Airport’s terminal 2 — dubbed the Queen’s Terminal — and last year sold its stake in it. The company also controls the firm that manages Turkey’s Dalaman International Airport.
–With assistance from Joe Deaux.
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