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US cuts antidumping duty on Hyundai's steel products

The US Department of Commerce has said it lowered its antidumping duty on hot-rolled steel from Hyundai Steel Co., South Korea's second-biggest steelmaker.

The department said it "preliminarily" determined that the weighted average dumping margin for Hyundai Steel is 0.94 percent.

The figures represent a sharp drop from 5.44 percent in June, according to Hyundai Steel on Thursday.


The latest move came a year after the department launched an administrative review of the antidumping duty order on hot-rolled steel imported from South Korea from Oct. 1, 2017, through Sept. 30, 2018.

Hyundai shipped 360,000 tons of hot-rolled steel to the United States during the cited period. Hot-rolled steel is used in car manufacturing and construction.

The department is expected to issue the final results of its administrative review around June next year. (Yonhap)