United States Steel Corporation (X)

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3-9-2016 The DOC, on Tuesday, imposed a whopping duty rate of 265.79% on imports of cold-rolled steel from China. Chinese companies did not respond to the DOC's request for information and thus, got punished with big tariffs. This will badly hit Chinese exporters such as Angang Group Hong Kong Co., Ltd., Benxi Iron and Steel (Group) Special Steel Co., Ltd. and Qian'an Golden Point Trading Co., Ltd. Brazil and Japan exporters received duties of 38.93% and 71.35%, respectively.

The DOC will now instruct U.S. Customs and Border Protection to start requiring cash deposits based on the duty rates for cold-rolled steel imports from these seven countries. In Dec 2015, the commerce department imposed countervailing duties on imports of cold-rolled steel from Brazil, China, India and Russia including a massive duty rate of 227.29% on China.

The biggest U.S. steel producers - U.S. Steel $X, AK Steel $AKS, Nucor $NUE, Steel Dynamics $STLD and ArcelorMittal USA, a part of ArcelorMittal $MT - filed anti-dumping petitions in Jul 2015 with the U.S. International Trade Commission ("USITC") and the DOC against eight countries (Brazil, China, India, Japan, the Netherlands, Russia, South Korea and the UK) alleged for illegally dumping cold-rolled steel that is used to make automotive products and appliances, among others.


Read more: http://www.nasdaq.com/article/steel-stocks-take-flight-as-us-slaps-antidumping-duties-cm588120#ixzz425QQHTyq