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U.S. to investigate imports of corrosion-resistant steel

Jun. 25, 2015 4:59 PM ETUnited States Steel Corporation (X) StockNUE, MT, X, AKS, STLDBy: Carl Surran, SA News Editor
  • The Commerce Department opened an investigation today into a complaint by U.S. steel producers that asks the government to impose duties on low-cost corrosion-resistant steel products imported from six countries.
  • Six petitioners - U.S. Steel (NYSE:X), Nucor (NYSE:NUE), AK Steel (NYSE:AKS), Steel Dynamics (NASDAQ:STLD), the U.S. subsidiary of ArcelorMittal (NYSE:MT) and California Steel Industries - filed a complaint earlier this month that the low import prices of the products imported from China, India, Italy, South Korea and Taiwan have exerted downward pricing pressure across the entire U.S. market for corrosion-resistant steel products.
  • If illegal dumping is found, the sanctions are applied retroactively to the date that the trade case was filed, Morningstar's Andrew Lane says, adding that "importers would become more wary about importing goods that may be subjected to a retroactive tariff. Therefore the publicly traded domestic steel makers will see an uptick in the shipment volumes."

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