U.S. Commerce Department Subjects Russian Steel To U.S. Import Duties
After U.S. steel producers argued that Russian steel producers are actively undercutting local prices and flooding the U.S. market, Reuters reports the U.S. Commerce Department has made the decision to abandon a 15-year-old deal that has kept Russian flat-rolled steel producers from paying U.S. import duties. According to the wire service, “In the letter published on Monday, the United States gave Russia 60 days notice of the termination and said anti-dumping duties would then apply.” Duties will take effect on Dec. 16.
American Iron and Steel Institute (AISI) President Thomas Gibson praised the ruling on the industry’s behalf, arguing, “Our industry should not have to endure injury from surging imports of Russian hot-rolled steel that are coming into this country under a deal that no longer serves its intended purpose.”