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U.S. launches probes into S. Korean steel products over dumping

15 November 2019 22:25

SEJONG. KAZINFORM - The U.S. Department of Commerce has launched probes to determine whether forged steel fittings from South Korea and India are being dumped in the United States and to find if producers in India are receiving unfair subsidies.

The investigations came after petitions were filed by Bonney Forge Corporation (Mount Union, Pennsylvania) and the United Steel, Paper and Forestry, Rubber, Manufacturing, Energy, Allied Industrial and Service Workers International Union, Kazinform refers to Yonhap News.

The alleged dumping margins range from 45.31 to 198.38 percent for South Korea and 52.48 to 293.40 percent for India, according to the Commerce Department.

In 2018, imports of forged steel fittings from India and South Korea were valued at an estimated US$92.6 million and $67.6 million, respectively.

The Commerce Department's final determinations for the countervailing duty investigation and anti-dumping duty investigation are scheduled for March 31, 2020, and June 15, 2020, respectively.

«If Commerce makes affirmative findings in these investigations, and if the U.S. International Trade Commission (ITC) determines that dumped and/or unfairly subsidized U.S. imports of forged steel fittings from India and/or Korea are causing injury to the U.S. industry, Commerce will impose duties on those imports in the amount of dumping and/or unfair subsidization found to exist,» the department said in a statement posted on its website on Wednesday.

The department said if it finds that products are not being dumped and or unfairly subsidized, or if the ITC finds in its final determinations that there is no harm to the U.S. industry, then the investigations will be terminated and no duties will be applied.

Foreign companies that price their products in the U.S. market below the cost of production or below prices in their home markets are subject to anti-dumping duties in the U.S.

Keywords: World News,
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