China Steel Corp (CSC, 中鋼), the nation’s largest steel manufacturer, yesterday said that it aims to take a larger share of the US market after Washington imposed heavy anti-dumping tariffs against Chinese steel exporters.
CSC said that it has adjusted its sales strategy by shipping more cold-rolled steel products to the US market to take advantage of the heavy financial punishment its Chinese rivals now face.
On Tuesday, the US Department of Commerce issued a preliminary ruling imposing a 265.79 percent tariff on Chinese cold-rolled steel makers.
Washington also levied anti-dumping duties ranging from 4.53 percent to 71.35 percent against cold-rolled steel product suppliers from South Korea, Brazil, India, Russia, the UK and Japan.
In addition, it imposed a 280 percent tariff against government subsidies for Chinese cold-rolled steelmakers.
Along with the anti-dumping duty, Chinese producers now face a stiff tax burden of 545.79 percent.
CSC said that its subsidiary — CSC Sumikin Vietnam Joint Stock Co (CSVC, 中鋼住金越南) — will seize the opportunity to ship more cold-rolled steel products to the US market. CSVC is a joint venture between China Steel and Japan’s Sumitomo Metal Industries Ltd.
The US’ cold-rolled steel market had been disrupted by these foreign makers’ dumping practices, but the punitive tariffs imposed on the seven countries should help restore order in the US market and boost product prices, CSC said.
Washington’s move should also prompt other Taiwanese firms, such as Yieh Phui Enterprise Co (燁輝) and Sheng Yu Steel Corp (盛餘), to use more of CSC’s hot-rolled steel to make cold-rolled steel products for the US market, thereby boosting CSC’s hot-rolled steel product sales, it said.
News of the stiff tariffs imposed on Chinese makers bolstered the steel sub-index on the Taiwan Stock Exchange, which rose 3.49 percent yesterday.
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