U.S. Commerce Department Launches Hot-Rolled Steel Flat Products Investigation
Last Wednesday, the U.S. Department of Commerce announced it would investigate imports of hot-rolled steel flat products from Brazil, South Korea and Turkey and dumping of these products by Australia, Japan, the Netherlands and the United Kingdom. Six U.S. companies – Nucor, U.S. Steel, SSAB Enterprises, AK Steel, Steel Dynamics and ArcelorMittal – requested the investigations.
According to Zacks, imports of hot-rolled steel flat products from these countries have increased 73 percent between 2012 and 2014 and were valued at $2 billion in 2014. Zacks said, “These products are being illegally dumped by foreign steel producers in the American market at unfairly low prices that significantly undercut the prices of U.S. steel makers. These imports have also captured an increasing share of the U.S. market, thereby hurting production, shipments, selling prices and margins of U.S. steel makers.”
The U.S. International Trade Commission (ITC) said it would make its preliminary injury determinations on or before Sept. 25, 2015. If the ITC’s preliminary determinations are negative, the investigations will not move forward, but if the ITC finds there is a “reasonable indication” that imports from the countries materially injure, or threaten material injury to, U.S. companies the investigations will continue and the Department of Commerce will make its preliminary countervailing duty determinations in November 2015 and its preliminary antidumping determinations in January 2016.
Click here to read more about the scope of the ITC’s investigation.