BUSINESS

USITC finalizes massive antidumping duties on Korean steel products

By 신현희
  • Published : Sept 3, 2016 - 13:50
  • Updated : Sept 3, 2016 - 13:50

WASHINGTON (Yonhap) -- The U.S. International Trade Commission on Friday endorsed massive antidumping and countervailing duties that the Commerce Department imposed on steel product imports from South Korea.

In July, the department decided to impose 64.7 percent of antidumping and countervailing duties on imports of cold-rolled steel flat products from South Korea's POSCO and 38.2 percent of duties on imports from Hyundai Steel, saying their products were sold in the U.S. at less than fair value and subsidized by their government.

On Friday, the USITC endorsed the decision.

"The commission determined that an industry in the United States is materially injured or threatened with material injury by reason of imports of these products from Brazil, India, Korea, and the United Kingdom," the commission said in a statement.

"As a result of the USITC's affirmative determinations, the Commerce Department will issue countervailing duty orders on imports of these products from Brazil, India, and Korea and antidumping duty orders on imports of these products from Brazil, India, Korea, and the United Kingdom," it said.

A source in Washington said that POSCO could file an appeal as it was slapped with an abnormally high countervailing duty of 58.36 percent. Should the appeal be accepted, the actual duties to be imposed on its products will be lower, the source said.