Sunday, June 21, 2015

International - Steel Production - US Producers of Corrosion Resistant Steel File Antidumping and Countervailing Duty Petitions Against China, India, Italy, South Korea and Taiwan

WASHINGTON, June 3, 2015 /PRNewswire/ – Six  major U.S. steel producers – United States Steel Corporation, Nucor Corporation, Steel Dynamics, Inc., ArcelorMittal USA, AK Steel Corporation and California Steel Industries – today filed antidumping and countervailing duty petitions charging that unfairly traded imports of corrosion-resistant steel from China, India, Italy, South Korea and Taiwan are causing material injury to the domestic industry and that significant subsidies have been provided to producers by the governments of those countries.  The petitions were filed concurrently with the United States Department of Commerce ("Commerce Department") and the United States International Trade Commission ("USITC").  The five countries covered by the antidumping petitions and the dumping margins alleged by the domestic industry are as follows:

COUNTRY
DUMPING MARGINS ALLEGED
China 120.20 percent
India 71.09 percent
Italy 123.76 percent
South Korea 80.06 percent
Taiwan 84.40 percent

The petitions also allege that the foreign producers benefit from numerous countervailable subsidies.  The petitions identify 48 different subsidy programs in China, 88 subsidy programs in India, 12 subsidy programs in Italy, 43 subsidy programs in Korea and 22 subsidy programs in Taiwan.

The petitions were filed in response to large and increasing volumes of low-priced imports of corrosion-resistant steel from the subject countries over the past three years that have injured U.S. producers.  Imports of corrosion-resistant steel from the five countries targeted by this case increased by 85 percent between 2012 and 2014, from 1.5 million tons to 2.75 million tons.  Subject imports increased further in the first quarter of 2015 from 600,000 to 800,000 tons.   In 2014, the five countries exported more than $2.2 billion of corrosion-resistant steel to the United States.

The petitions allege that producers in the subject countries have injured the domestic industry by selling their products at unfairly low prices that significantly undercut the prices of U.S. producers.  As a result, subject imports have captured an increasing share of the U.S. market at the direct expense of the U.S. industry.  During a period of robust and increasing U.S. demand for corrosion-resistant steel, U.S. producers have suffered significant declines in production, shipments and profits.  Foreign producers in the countries covered by the petitions have massive capacity to produce corrosion-resistant steel and have been exporting large and increasing volumes of unfairly low-priced and subsidized corrosion-resistant steel to the United States.  The price declines that U.S. producers have suffered are likely to continue if duties are not imposed to level the playing field.

"Imports of unfairly-traded corrosion-resistant steel have devastated pricing in the U.S. market, increased their share of the U.S. market by undercutting U.S. producers' prices and caused injury to U.S. producers and their workers," according to counsel for the domestic petitioners.  "The domestic industry looks forward to the opportunity to present its case to the Commerce Department and U.S. International Trade Commission to obtain relief from these unfairly-priced imports."

Article Source: http://www.prnewswire.com/news-releases/us-producers-of-corrosion-resistant-steel-file-antidumping-and-countervailing-duty-petitions-against-five-countries-300093459.html
Publication Date: 03 June 2015

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