U.S. Federal Government Makes Moves To Address Unfair Steel Trading
The U.S. federal government took a few steps last week to address unfair trading practices by global steel producers.
On Thursday, the International Trade Commission (ITC) announced it would grant U.S. Steel’s request to launch a Section 337 investigation targeted at China’s largest steel producers and their distributors. As the ITC statement explained, that complaint had alleged: 1) a conspiracy to fix prices and control output and export volumes; 2) the misappropriation and use of U.S. Steel’s trade secrets; and 3) the false designation of origin or manufacturer. If the investigation finds evidence of these allegations, the case then will be referred to an administrative law judge who would have 45 days to set a hearing date. Click here to read more about the case.
Also last week, the U.S. Commerce Department’s International Trade Administration issued final anti-dumping and countervailing duty margins on corrosion-resistant steel products from China, India, Italy, South Korea, and Taiwan. According to Politico’s “Morning Trade,” “The final duties could be significant given the value in trade of these items.” In 2015, steel product from China, India, Italy, Korea, and Taiwan totaled $500.3 million, $219.6 million, $110 million, $509.1 million, and $534.4 million, respectively. Click here to read the full determination. The International Trade Commission will make the final determination regarding this issue and is expected to do so on July 8, 2016.