Corrosion-resistant steel imports from China were sold at unfairly low prices and will be taxed at 256 percent, according to a preliminary finding of the U.S. Department of Commerce.
“We’re concerned that the dumping that’s occurring is at higher levels than these determinations reflect,” Tim Brightbill, a partner at Wiley Rein LLP, a law firm representing U.S. steelmaker Nucor Corp., said Tuesday in an interview. “We have serious concerns that these preliminary duties are not enough at a time when unfairly priced imports continue to surge into the U.S. market at unprecedented rates.”
U.S. producers including Nucor, U.S. Steel Corp. and Steel Dynamics Inc. filed cases in June alleging that some products from China, India, Italy, South Korea and Taiwan had been dumped in the U.S., harming domestic companies. In November, the government found that all those countries, except Taiwan, subsidized their domestic production by as much as 236 percent of its price.
U.S. steelmakers have filed three sets of cases against imports of hot-rolled, cold-rolled and corrosion-resistant steel after deliveries from abroad surged. The price of hot-rolled steel coil, the benchmark product, is down about 40 percent this year, with domestic mills idling as much as 38 percent of capacity after imports climbed by 38 percent in 2014.
Imports of all steel products through October rose 3.9 percent in 2015. The Commerce Department estimated that the value of imports of anti-corrosive steel -- coils of the metal which have been coated with zinc or other treatments to prevent rust -- from the target countries to be $2.16 billion.
U.S. Calls for 256% Tariff on Imports of Steel From China - Bloomberg Business
“We’re concerned that the dumping that’s occurring is at higher levels than these determinations reflect,” Tim Brightbill, a partner at Wiley Rein LLP, a law firm representing U.S. steelmaker Nucor Corp., said Tuesday in an interview. “We have serious concerns that these preliminary duties are not enough at a time when unfairly priced imports continue to surge into the U.S. market at unprecedented rates.”
U.S. producers including Nucor, U.S. Steel Corp. and Steel Dynamics Inc. filed cases in June alleging that some products from China, India, Italy, South Korea and Taiwan had been dumped in the U.S., harming domestic companies. In November, the government found that all those countries, except Taiwan, subsidized their domestic production by as much as 236 percent of its price.
U.S. steelmakers have filed three sets of cases against imports of hot-rolled, cold-rolled and corrosion-resistant steel after deliveries from abroad surged. The price of hot-rolled steel coil, the benchmark product, is down about 40 percent this year, with domestic mills idling as much as 38 percent of capacity after imports climbed by 38 percent in 2014.
Imports of all steel products through October rose 3.9 percent in 2015. The Commerce Department estimated that the value of imports of anti-corrosive steel -- coils of the metal which have been coated with zinc or other treatments to prevent rust -- from the target countries to be $2.16 billion.
U.S. Calls for 256% Tariff on Imports of Steel From China - Bloomberg Business
