The EU launched an investigation yesterday into whether China is illegally selling steel at prices so low that they are hurting European steelmakers such as ArcelorMittal and ThyssenKrupp AG.
Steel producers complained in October, asking for a 40 percent surcharge on soaring imports of two types of steel and claiming that China's output was "out of control."
The European Commission will now investigate imports of hot-dipped metallic coated iron or steel flat-rolled products between Dec. 1 last year and Nov. 30.
Under global trade rules, the EU has the right to impose extra charges on imports if it gathers evidence that China is illegally selling below cost. The soonest there would be any hint of trade sanctions would be next year.
The European Confederation of Iron and Steel Industries, or EUROFER, "has provided evidence that imports of the product concerned from the People's Republic of China have increased overall in absolute terms and in terms of market share," the EU executive said in an official notice.
"It is alleged that the volumes and the prices of the imported product concerned have ... had a negative impact on the market share held, the quantities sold and the level of prices charged," it said.
EUROFER said in October that imports have increased from virtually nothing prior to 2004 to 12 million tonnes last year -- and European companies risked making cutbacks that would shed European jobs if this went on.
Its showed that hot-dipped metallic coated sheet and strip steel from China and stainless steel cold-rolled flat products from Taiwan, South Korea and China for building and engineering products are being dumped at prices 25 percent to 30 percent below the EU average.
The EU does not recognize China as a market economy because it suspects government subsidies may make usual business costs such as rent much cheaper than in other parts of the world. This puts the onus on Chinese steelmakers to prove that they operate in normal market conditions.
EU statistics bear out EUROFER's complaints: Steel imports from China during January to September grew 137 percent year-on-year, to 8.9 million tonnes.
Quanta Computer Inc (廣達) chairman Barry Lam (林百里) is expected to share his views about the artificial intelligence (AI) industry’s prospects during his speech at the company’s 37th anniversary ceremony, as AI servers have become a new growth engine for the equipment manufacturing service provider. Lam’s speech is much anticipated, as Quanta has risen as one of the world’s major AI server suppliers. The company reported a 30 percent year-on-year growth in consolidated revenue to NT$1.41 trillion (US$43.35 billion) last year, thanks to fast-growing demand for servers, especially those with AI capabilities. The company told investors in November last year that
Intel Corp has named Tasha Chuang (莊蓓瑜) to lead Intel Taiwan in a bid to reinforce relations between the company and its Taiwanese partners. The appointment of Chuang as general manager for Intel Taiwan takes effect on Thursday, the firm said in a statement yesterday. Chuang is to lead her team in Taiwan to pursue product development and sales growth in an effort to reinforce the company’s ties with its partners and clients, Intel said. Chuang was previously in charge of managing Intel’s ties with leading Taiwanese PC brand Asustek Computer Inc (華碩), which included helping Asustek strengthen its global businesses, the company
Taiwanese suppliers to Taiwan Semiconductor Manufacturing Co. (TSMC, 台積電) are expected to follow the contract chipmaker’s step to invest in the US, but their relocation may be seven to eight years away, Minister of Economic Affairs J.W. Kuo (郭智輝) said yesterday. When asked by opposition Chinese Nationalist Party (KMT) Legislator Niu Hsu-ting (牛煦庭) in the legislature about growing concerns that TSMC’s huge investments in the US will prompt its suppliers to follow suit, Kuo said based on the chipmaker’s current limited production volume, it is unlikely to lead its supply chain to go there for now. “Unless TSMC completes its planned six
TikTok abounds with viral videos accusing prestigious brands of secretly manufacturing luxury goods in China so they can be sold at cut prices. However, while these “revelations” are spurious, behind them lurks a well-oiled machine for selling counterfeit goods that is making the most of the confusion surrounding trade tariffs. Chinese content creators who portray themselves as workers or subcontractors in the luxury goods business claim that Beijing has lifted confidentiality clauses on local subcontractors as a way to respond to the huge hike in customs duties imposed on China by US President Donald Trump. They say this Chinese decision, of which Agence
RSS