A US trade panel found that subsidized steel from foreign producers has injured the domestic hot-rolled steel industry, paving the way for punitive tariffs of up to 243 percent, according to US steelmakers.
The International Trade Commission, which weighs the impact of imports on US companies, said that imported steel "sold in the US at less than fair value" is harming steelmakers such as Bethlehem Steel Corp, LTV Steel Co, National Steel Corp, Nucor Corp, according to a press release by the companies.
The decision clears the way for the Commerce Department to levy tariffs against China, India, Indonesia, Kazakhstan, the Netherlands, Romania, South Africa, Taiwan, Thailand and Ukraine.
"These trade laws are designed to ensure that foreign producers trade fairly on a prospective basis in the US market,'' said a statement by the US companies. "These foreign producers must begin to sell at fair prices in the US or be subject to the duties," the companies said.
The decision is the latest of dozens of trade cases the US steel industry has won since 1998, when exporters in Asia and Russia stepped up shipments to the US.
RSS