News

US steel producers file petition over unfair trade practices

US steel producers file petition over unfair trade practices
<![CDATA[

Four major U.S. steel producers –Gerdau Ameristeel US Inc., Nucor Corp., Keystone Consolidated Industries Inc. and Charter Steel  – have filed petitions charging that unfairly traded imports of carbon and alloy steel wire rod from Belarus, Italy, South Korea, Russia, South Africa, Spain, Turkey, Ukraine, United Arab Emirates and the United Kingdom are causing material injury to the domestic steel industry. The petitions allege that producers in each of the ten countries are dumping wire rod in the U.S. market at the following margins:

 

Country

Dumping Margins Alleged

Belarus

179.07-304.94 percent

Italy

26.36 percent

South Korea

41.72-53.09 percent

Russia

216.50-821.40 percent

South Africa

159.35-164.08 percent

Spain

32.64 percent

Turkey

45.10 percent

Ukraine

21.64-61.64percent

United Arab Emirates

69.57 percent

United Kingdom

Q88.25 percent

 

The petitions also allege that the Governments of Italy and Turkey are providing countervailable subsidies to producers of wire rod. The petitions identify numerous subsidy programs related to export loans, credit and insurance at preferential rates, preferential tax treatment and government grants, among other programs.

The petitions were filed concurrently with the United States Department of Commerce and the United States International Trade Commission (ITC). 

According to the claimants, between 2014-2016, subject imports surged into the market at increasingly low prices, with subject import volume growing by more than 56 percent and their average price, or unit value, falling by 32 percent.      

The petitions allege that subject imports were able to penetrate the U.S. market by significantly undercutting U.S. prices. Because of increasing volumes of low-priced imports, U.S. producers have suffered lost sales and significant declines in prices and profits. Foreign producers of wire rod also continue to threaten the domestic industry with additional injury due to their massive and growing production capacity and extensive unused capacity that will be used to export large volumes of unfairly low-priced and subsidized product to the United States. The price declines and financial deterioration that U.S. producers have suffered are likely to continue if duties are not imposed to offset these unfair trading practices.

“The substantial increase in low-priced and unfairly-traded carbon and alloy steel wire rod from the ten subject countries since 2014 has injured American manufacturers and their workers,” says Paul Rosenthal of Kelley Drye & Warren LLP, counsel for domestic producers Gerdau Ameristeel, Keystone Consolidated Industries and Charter Steel. “Trade relief is essential to ensuring that unfairly-traded imports do not continue to hammer the already-vulnerable domestic industry.”

Alan Price of Wiley Rein LLP, counsel for Nucor Corp., highlighted the need for a remedy. “Global steel overcapacity is wreaking havoc on U.S. steel producers, as demonstrated by the trade orders successfully obtained on numerous steel products in recent years. The U.S. long product producers, including the wire rod industry, have been similarly harmed by low-priced imports.”

The Commerce Department will determine whether to initiate the antidumping and countervailing duty investigations within 20 days of the filing of the petitions, and the ITC will reach a preliminary determination of material injury or threat of material injury within 45 days of the filing. The entire investigative process will take about one year, with final determinations of dumping, subsidization and injury likely occurring in the spring of 2018.

 

]]>
Source: Recycling Today
US steel producers file petition over unfair trade practices
<![CDATA[Four major U.S. steel producers –Gerdau Ameristeel US Inc., Nucor Corp., Keystone Consolidated Industries Inc. and Charter Steel  – have filed petitions charging that unfairly traded imports of carbon and alloy steel wire rod from Belarus, Italy, South Korea, Russia, South Africa, Spain, Turkey, Ukraine, United Arab Emirates and the United Kingdom are causing material injury to the domestic steel industry. The petitions allege that producers in each of the ten countries are dumping wire rod in the U.S. market at the following margins:   Country Dumping Margins Alleged Belarus 179.07-304.94 percent Italy 26.36 percent South Korea 41.72-53.09 percent Russia 216.50-821.40 percent South Africa 159.35-164.08 percent Spain 32.64 percent Turkey 45.10 percent Ukraine 21.64-61.64percent United Arab Emirates 69.57 percent United Kingdom Q88.25 percent   The petitions also allege that the Governments of Italy and Turkey are providing countervailable subsidies to producers of wire rod. The petitions identify numerous subsidy programs related to export loans, credit and insurance at preferential rates, preferential tax treatment and government grants, among other programs. The petitions were filed concurrently with the United States Department of Commerce and the United States International Trade Commission (ITC).  According to the claimants, between 2014-2016, subject imports surged into the market at…

Tagged: