U. S. Steel Welcomes International Trade Commission Decision to Continue Unfair Trade Relief
United States Steel Corporation (NYSE: X) today praised the decision of the U.S. International Trade Commission (ITC) to keep in place unfair trade orders applicable to hot- rolled steel from Brazil, Japan and Russia. The effect of the decision will be to retain antidumping duty orders relating to hot-rolled steel products from Japan; antidumping and countervailing duty orders relating to hot-rolled steel products from Brazil; and the suspension agreement placing volume and price limitations on imports of hot-rolled steel products from Russia.
"The industry has made great strides in terms of remaking itself and recovering from the steel crisis, but the work is not complete," said John P. Surma, president and CEO of U. S. Steel. "This decision correctly recognizes that there is no place in this market for unfairly traded imports -- particularly as the industry tries to solidify and build upon its recent progress."
The Department of Commerce previously determined that revocation of the trade relief at issue would be likely to result in a resumption of unfair trade from the three countries. The ITC's affirmative determination was based upon its conclusion that a return of unfairly traded imports of hot-rolled steel from Brazil, Japan and Russia would be likely to result in a resumption or continuation of material injury to the domestic industry within a reasonably foreseeable period of time.
"At a time when unfair trade and unfair global rules are harming more and more American manufacturers, strict, timely and effective enforcement of our antidumping and anti-subsidy laws is critical," Surma commented. "This decision relates to three countries that were proven to have engaged in massive and injurious unfair trade. Domestic steel producers, like all American manufacturers, deserve a fair chance to compete in their own market - which is what this case was all about."
In the original 1999 investigation of unfair trade from these three countries, the Department of Commerce determined dumping margins of between 41 and 43 percent for Brazilian producers, between 18 and 67 percent for Japanese producers, and over 73 percent for the investigated Russian producer. Meanwhile, Brazilian producers were found to be subsidized at rates between 6 and 10 percent of the value of the products. These unfairly traded imports entered the U.S. market in enormous volumes - causing injury to the domestic steel industry and helping to precipitate the steel crisis that ensued.
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SOURCE: United States Steel Corporation
CONTACT: John Armstrong, +1-412-433-6792, or Carlee Vargo,
Web site: http://www.ussteel.com/
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