U.S. affirms duties on steel from Brazil, India, UK, South Korea

September 2, 2016 11:26 AM EDT

Steel products are pictured stacked at a steelworks in Seoul July 23, 2014. REUTERS/Kim Hong-Ji


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WASHINGTON (Reuters) - The U.S. International Trade Commission voted on Friday to lock in duties on imports of cold-rolled steel flat products from Brazil, India, South Korea and Britain but said imports from Russia were not injuring the U.S. industry.

The U.S. Commerce Department had previously found the products from Brazil, India, South Korea and Russia were being unfairly subsidized and sold in the United States at below fair value, and that the products from Britain were also being dumped.

In the case of Brazil, India, South Korea and Britain, the ITC said their imports were harming the U.S. industry, a finding that effectively locked in place duties proposed by the Commerce Department that range as high as 58.36 percent.

Russian imports will not face duties, because of a lack of a finding of injury.

After the Commerce Department's finding in July, Brazil indicated it would challenge any duties on its products at the World Trade Organization. Brazilian exports are dominated by Cia. Siderúrgica Nacional and Usinas Siderurgicas de Minas Gerais SA .

Other companies whose exports are affected by the decision include South Korean steelmakers POSCO <005490.KS> and Hyundai Steel Co <004020.KS>, Indian producer JSW Steel Ltd and a British subsidiary of Tata Steel Ltd .

Cold-rolled steel is used in automotive body panels, appliances, shipping containers and construction.

U.S. officials launched probes into the imports after being petitioned by AK Steel Corp, a subsidiary of AK Steel Holding Co (NYSE: AKS); ArcelorMittal USA LLC, a unit of ArcelorMittal SA ; Nucor Corp (NYSE: NUE); Steel Dynamics Inc (NASDAQ: STLD); and United States Steel Corp (NYSE: X).

(Reporting by Timothy Ahmann; Editing by David Alexander and Steve Orlofsky)



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