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US raises anti dumping duties on Korean wire rod steel imports

Steel News - Published on Thu, 07 Dec 2017

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Korea Times reported that United States Department of Commerce has raised the anti dumping duties on Korean steel imports from the previous 10.09% to 40.8%, citing an error in adjusting the won-dollar exchange rate. The latest decision came about a month after the department imposed a 10.09% preliminary tariff on Korean steel products in October. The department explained it did not convert the Korean won to US dollars while calculating the anti-dumping tariff rate.

The Washington based authority said in a statement that "We are amending the preliminary determination of sales at less-than-fair-value for wire rod from Korea to reflect the correction of an administrative error made in the margin calculation for POSCO.”

The decision came after a group of US steelmakers called for the authority to amend the previous determination and rectify the tariff rate on the Korean steelmakers' carbon and alloy steel wire rods in consideration of the error.

Ever since the US authority announced the preliminary tariff in October, the US steelmakers have urged the department to slap an anti-subsidy tariff of around 40% on the Korea's top steelmaker and all other Korean steel makers.

Specifically, the US firms claimed the department should impose an anti dumping tariff of around 33.96% to 43.25% on the Korean companies.

The statement said that "Because the preliminary rate was based on the estimated weighted-average dumping margin calculated for POSCO, we are also amending the rate for all others (to 40.8%).”

The commerce department accepted their request and is expected to make public its final decision around January next year.

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Posted By : Rabi Wangkhem on Thu, 07 Dec 2017
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