March 30, 2016

Commerce Calls for Cash Deposits on Steel Imports

The U.S. Customs and Border Protection Agency will require cash deposits to cover potential duties on hot-rolled steel products from Australia, Brazil, Japan, Korea, the Netherlands, Turkey and the United Kingdom as a result of a preliminary ruling by the Department of Commerce. The deposits will be required until the U.S. International Trade Commission makes a final determination on any injury from unfairly traded imports.

“The outcomes of these investigations are critical to domestic steel producers, the workforce and surrounding communities that have been harmed by the ongoing surge of unfairly traded hot-rolled steel products. Massive global overcapacity in steel is causing problems around the world, and the U.S. cannot continue to be the market of last resort for the world’s overcapacity problem,” says SMA President Philip K. Bell.

Earlier last month, in the ongoing cold-rolled case, the Commerce Department placed duty orders on imports of cold-rolled flat steel products from Brazil, China, India, Korea, Russia, Japan and the UK. As with the hot-rolled case, Customs will be instructed to require cash deposits based on duty rates until a final determination is made.

“This ruling is just one step in the fight to restore fair trade conditions for American-made cold-rolled steel products,” says Leo Gerard, president of the United Steelworkers. The USW claims more than 12,000 steelworkers are either on layoff or are threatened by layoffs in the current steel market.

According to the government's determination, duties are at 265.79 percent for Chinese steel imports of cold-rolled steel, but still must be confirmed in a final determination scheduled for this summer. Duties from the other countries range from single digits for a UK producer and all products from India and South Korea, up to 71.35 percent for Japanese imports.

The final determination on a third steel case involving imports of corrosion-resistant products is due in late May.
 

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