Canada introduces new surtaxes to curb flood of steel imports

petros

petros

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Wasn't I saying that shit steel was being dumped and funneled through Canada when mainscream media was screaming bloody murder about US tarrifs?
 
petros

petros

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On May 25, 2017, the Canadian International Trade Tribunal (CITT) issued a decision, following a public hearing held earlier this month, that concluded imports of fabricated industrial steel components (FISC), from China, Korea (excluding FISC exported by Hanmaek Heavy Industries Co., Ltd.) and Spain (excluding FISC exported by Cintasa, S.A.) had injured the Canadian industry as a result of dumping and subsidization.

The CITT’s decision will finalize the duties imposed on a provisional basis as of January 25, 2017 by the Canadian Border Services Agency (CBSA). All importers of FISC originating in China, Korea and Spain (with the exception of FISC exported by Hanmaek and Cintasa) will be required to pay anti-dumping duties based on the amount by which the normal value exceeds the export price of the subject goods. Where sufficient information is not provided or is not otherwise available to determine the normal value, the normal value will be determined by advancing the export price by 45.8%.

It should be noted that this case is unique for the breadth of its coverage based on the definition of FISC, which will include structural steel and components for buildings and facilities used in a wide range of industries, including oil and gas, mining, industrial power generation, petrochemical plants, cement plants, fertilizer plants and industrial metal smelters.

Given this exceptionally wide definition of FISC and the fact that the defined products are used across multiple industries in a variety of ways, companies in these industries will need to be mindful when sourcing fabricated steel in the future to consider whether the goods meet the definition of FISC and, therefore, may be subject to anti-dumping duties if imported from China, Korea or Spain.

As with all anti-dumping and countervailing duties findings of the CITT, the duties will apply for five years, subject to reinvestigation by the CBSA (generally annually) to ensure the percentage of duties payable continues to be appropriate. Before the end of the five-year period, the CITT will undertake a “sunset review” of its previous injury finding to determine if it should be extended for another five-year period. It is not uncommon for these findings to remain in place well in excess of 10 to 15 years.

Osler, and in particular Riyaz Dattu, Taylor Schappert, Gajan Sathananthan and Lipi Mishra, represented Canadian Natural Resources Limited in this proceeding.
 
Twin_Moose

Twin_Moose

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It also looks like the anti dumping tariffs are set up to force both coasts to buy their steel (more expensive) from central Canada, same as they did with Gyprock after the Ft. Mac. fire
 
petros

petros

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SK steel is 100% recycled steel cooked with green whirlygig power and hydro.

It's the environmental choice and very high paying Canadian jobs.
 
Twin_Moose

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I agree it's this article that I posted in the NAFTA thread that I was referring to

Canada moves to block foreign steel

The Canadian government says it will impose a 25 per cent surtax on some foreign steel products in a bid to head off dumping.
The Finance Department said "excessive imports" are harming the steel industry, prompting it to impose a surtax on seven products that range from rebar to wire rods.
The surtax, which begins Oct. 25, will be in place for 200 days, pending an inquiry by the Canadian International Trade Tribunal into whether longer-lasting safeguards are necessary, the government said.
The announcement comes more than three months after Canada imposed tariffs on $16.6 billion worth of American goods in retaliation for hefty U.S. tariffs on Canadian steel and aluminum.
The government also announced Thursday that some Canadian manufacturers can now import those products from the U.S. without paying the surtaxes that have applied since July 1. A portion of the relief will be temporary, offered until Canadian producers are able to adequately meet domestic demand.
The exemption applies on a case-by-case basis to companies that applied for it, and pertains to American steel, aluminum and certain other products.
The products affected by the fresh tariffs go into structures from condominiums to dams and bridges, "which encompasses a heck of a lot of steel," said Jesse Goldman, a lawyer representing the Canadian Coalition for Construction Steel.
He said the surtax puts the construction steel industry in "a very dire position" because of Canada's limited domestic steel supply.
"Because of the actual quota amounts for this type of steel from non-U.S. sources, U.S. steel is going to come into Canada at record high prices. They will simply pass on the 25 per cent retaliatory tariffs to their Canadian customers."
The surtax on steel plates and other products could "jeopardize" mega-projects in Newfoundland, which relies almost exclusively on foreign steel, primarily from Europe, Goldman said.
A lot of imported structural steel has been put toward the refurbishment of the Parliament buildings, he added. "It's more ironic than intentional, but it gives you an example of the importance of imported steel in Canada."
The country's geography deters West Coast buyers from purchasing from central Canadian mills. It costs more than four times extra to ship a tonne of steel to Vancouver from Ontario than it does from China or Korea, said Richard Lyall, president of the Residential Construction Council of Ontario.
With rebar an essential component in residential towers, the new steel tariff could boost the price of new condos in Vancouver by up to $10,000 per unit, Lyall said.
"Housing affordability got thrown under the bus on this one," he said.
Finance Minister Bill Morneau is slated to address the Commons international trade committee Tuesday on its study of how tariffs are impacting Canadian businesses and workers.
Click to expand...
 
Hoof Hearted

Hoof Hearted

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How will this affect the metal implant in Cannuck's head? Will it appreciate or depreciate?
 
MHz

MHz

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petros said:
Wasn't I saying that shit steel was being dumped and funneled through Canada when mainscream media was screaming bloody murder about US tarrifs?
Click to expand...
You say that like it wasn't okay with TPTB. It is the consumers that are getting ripped off, again.
 
White_Unifier

White_Unifier

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Feb 21, 2017
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petros said:
On May 25, 2017, the Canadian International Trade Tribunal (CITT) issued a decision, following a public hearing held earlier this month, that concluded imports of fabricated industrial steel components (FISC), from China, Korea (excluding FISC exported by Hanmaek Heavy Industries Co., Ltd.) and Spain (excluding FISC exported by Cintasa, S.A.) had injured the Canadian industry as a result of dumping and subsidization.
The CITT’s decision will finalize the duties imposed on a provisional basis as of January 25, 2017 by the Canadian Border Services Agency (CBSA). All importers of FISC originating in China, Korea and Spain (with the exception of FISC exported by Hanmaek and Cintasa) will be required to pay anti-dumping duties based on the amount by which the normal value exceeds the export price of the subject goods. Where sufficient information is not provided or is not otherwise available to determine the normal value, the normal value will be determined by advancing the export price by 45.8%.
It should be noted that this case is unique for the breadth of its coverage based on the definition of FISC, which will include structural steel and components for buildings and facilities used in a wide range of industries, including oil and gas, mining, industrial power generation, petrochemical plants, cement plants, fertilizer plants and industrial metal smelters.
Given this exceptionally wide definition of FISC and the fact that the defined products are used across multiple industries in a variety of ways, companies in these industries will need to be mindful when sourcing fabricated steel in the future to consider whether the goods meet the definition of FISC and, therefore, may be subject to anti-dumping duties if imported from China, Korea or Spain.
As with all anti-dumping and countervailing duties findings of the CITT, the duties will apply for five years, subject to reinvestigation by the CBSA (generally annually) to ensure the percentage of duties payable continues to be appropriate. Before the end of the five-year period, the CITT will undertake a “sunset review” of its previous injury finding to determine if it should be extended for another five-year period. It is not uncommon for these findings to remain in place well in excess of 10 to 15 years.
Osler, and in particular Riyaz Dattu, Taylor Schappert, Gajan Sathananthan and Lipi Mishra, represented Canadian Natural Resources Limited in this proceeding.
Click to expand...

Foreign subsidized steel means foreign taxpayers subsidizing our first-time home buyers. And you complain about that?
 
petros

petros

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White_Unifier said:
Foreign subsidized steel means foreign taxpayers subsidizing our first-time home buyers. And you complain about that?
Click to expand...
Who is building steel houses? I wouldn't want to live in a steel house made from low grade steel prone to failure from too much carbon.

Would you?
 
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