- June 27, 2015
- Posted by: Tridindia
- Category: Latest News
The US government is currently investigating to determine whether to impose import duties on steel products from India along with four other countries.
According to reports, the US Department of Commerce declared the initiation of CVD and AD investigations on the imports of corrosion-proof steel products from India, Italy, China, Taiwan and Korea. Also, these investigations have been opened after the 6 major US steel producers filed AD and CVD petitions on June 3 for the unfair import of steel products from these countries.
These imports are detrimental to the US domestic industry, according to Nucor Corp, US Steel Corp, AK Steel Corp, California Steel Industries, ArcelorMittal USA and Steel Dynamics.
Further, the petitions are reported to be filed with both the US International Trade Commission and the US Department of Commerce.
The corrosion-resistant steel products are highly utilized in manufacturing appliances, automobiles, industrial and agricultural equipment and trucks. Besides this, they are also used in the construction industry.
In line with the joint statement of the 6 steel producers, the foreign producers greatly benefit from a number of countervail-able subsidies. They even identified 88 subsidy programmes in India, 48 in China, 12 in Italy, 22 in Taiwan and 43 in Korea. The imports from the five countries (for steel) increased by 85% between 2012 and 2014.
Further, the imports in the first quarter of 2015 increased from 600,000 to 800,000 tonnes.
USITC will initiate its preliminary injury determinations by 20th July, 2015. If the investigation indicates that these imports materially injure the domestic industry, then the investigations will continue.
Furthermore, Commerce Department will schedule its preliminary CVD determinations in the month of August 2015 while those of AD determinations in November 2015.
The investigations will be terminated, if in case the USITC’s preliminary inquiry results turn out to be otherwise.
The entire investigative process might take over a year to come up with final determination of dumping, injury and subsidization by the summer of 2016.