Thursday, August 4, 2016

China, Russia Hit With 5-Year EU Anti-Dumping Tariffs on Steel

Chinese and Russian producers of non-stainless steels were hit by the European Union with five-year tariffs as high as 36.1 percent after the EU found that imports from the two countries unfairly undercut manufacturers in Europe such as ThyssenKrupp AG and ArcelorMittal. 

The definitive duties punish Russian and Chinese exporters of certain cold-rolled flat products of iron or non-alloy steel for allegedly selling the goods in the EU’s 4.5 billion-euro ($5 billion) market below cost, a practice known as dumping. The targeted producers of this kind of steel -- used in products from washing machines and air-conditioning equipment to automobiles and power lines -- include Russia’s Magnitogorsk Iron & Steel Works OJSC, Novolipetsk Steel OJSC and Severstal PJSC; and China’s Angang Steel Co. and Shougang group.
The definitive five-year duties, which will take effect on Friday, follow the imposition of six-month, provisional levies in February. These tariffs “will also be levied retroactively on imports registered during the two months that preceded the adoption of provisional measures on Feb. 12,” the European Commission, the 28-nation bloc’s trade authority in Brussels, said in a statement on Thursday.
EU-based manufacturers suffered “material injury” as a result of dumped imports from Russia and China, the commission said in a notice in the Official Journal. The duties are the outcome of a probe that the EU opened in May 2015 following a dumping complaint by European steel industry group Eurofer.
Russian and Chinese exporters expanded their combined share of the European market for certain cold-rolled flat products of iron or non-alloy steel, excluding stainless steel, to 20.1 percent in the 12 months through March 2015 from 14.3 percent in 2011, according to the commission. Russia’s share jumped to 9.8 percent from 5.9 percent over the period, it said.
The levies against Russia range from 18.7 percent to 36.1 percent and those against China range from 19.7 percent to 22.1 percent, depending on the company.

No comments:

Post a Comment