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U.S. Issues Anti-Dumping Steel Duties

Tuesday, May 31, 2016

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The U.S. Department of Commerce last week announced the conclusion of an investigation into allegations of dumping by five countries in relation to anti-corrosion steel, and issued considerable duties on some steel producers.

The agency reported late last week that it found evidence of dumping of steel by companies from China, India, Italy, Korea and Taiwan, and evidence of countervailing duties (CVD) in all of those countries except Taiwan.

© iStock.com / DanNaylor

The duties apply specifically to flat-rolled steel products clad, plated or coated with corrosion-resistant materials.

As a result, the U.S. will be levying duties on corrosion-resistant steel from those countries, ranging from less than 4 percent for companies in Taiwan, subject to only anti-dumping measures, to about 450 percent for some Chinese companies, subject to both anti-dumping and anti-CVD duties.

The Allegations

Dumping, the Commerce Department says, takes place when a foreign company sells its product in the United States “for less than its fair value.” Countervailing duties are subsidies a foreign government provides its manufacturers in order to provide trade advantages over other countries.

The investigation was the result of a petition brought about by U.S. manufacturers U.S. Steel, Nucor, ArcelorMittal USA, AK Steel, Steel Dynamics and California Steel Industries. The duties apply specifically to flat-rolled steel products clad, plated or coated with corrosion-resistant materials.

The investigation was launched in June of 2015, after the petitioning companies told the Commerce Department that steel coming from overseas at low prices, subsidized by foreign governments, was hurting the industry in the U.S.

The Numbers

China will be hit hardest by the measures, with duties of well over 200 percent across the board. The county’s Ministry of Commerce told Reuters, "China will take all necessary steps to strive for fair treatment and to protect the companies' rights."

Italian manufacturers face duties ranging from about 12 percent to more than 90 percent, with both anti-dumping measures and anti-CVD subsidies taken into account.

The U.S. International Trade Commission is also investigating the dumping and CVD allegations and will issue its final determination in July.

   

Tagged categories: Asia Pacific; Business matters; Department of Commerce; EMEA (Europe, Middle East and Africa); Government; Latin America; North America; Program/Project Management; Steel; Taxes

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