Fri, Jun 27, 2014 - Page 14 News List

EU begins inquiry into ‘steel dumping’ from Taiwan, China

Bloomberg

The EU threatened to impose tariffs on stainless steel from Taiwan and China to curb competition for EU producers, including ArcelorMittal and ThyssenKrupp AG.

The EU began an inquiry into whether Taiwanese and Chinese exporters of cold-rolled flat products sold them in the bloc below cost. This kind of steel is used in everything from cars and tanks to boilers and kitchen equipment.

The investigation will determine whether the steel “is being dumped and whether the dumped imports have caused injury,” the European Commission said yesterday in the EU’s Official Journal.

The commission has nine months to decide whether to impose provisional antidumping duties for half a year and 15 months to decide whether to apply “definitive” levies for five years.

The probe came after a complaint by European steel industry group EUROFER on May 13 on behalf of producers that account for more than a quarter of the bloc’s output of stainless steel cold-rolled flat products.

EUROFER, based in Brussels, hailed the new investigation, saying in a statement that European imports of stainless steel cold-rolled flat products from the two nations rose at an “alarming rate” last year and unfairly undercut EU manufacturers.

The two countries’ combined share of the EU market exceeded 14 percent in April and the dumping margin was 20 percent, according to EUROFER.

“This is no longer sustainable,” EUROFER director-general Gordon Moffat said.

He accused Chinese exporters of “flooding the markets which are still unprotected like the EU.”

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