Published on : Jun 04, 2015
Steelmakers I the U.S., which include Steel Dynamics Inc. based in Indiana, filed a complaint that alleges imports pertaining to corrosion resistant metal from China and some more countries are sold in the country at unfair low prices.
The lawsuit also includes imports from India, South Korea, Italy, and Taiwan, as divulged by the petition that was filed with federal regulators on Wednesday by U.S. Steel Corp., Steel Dynamics, Arcelor Mittal, Nucor Corp., and AK Steel Holding Corp.
With domestic mills struggling in the market, congress help is also south by producers. Producers are on the lookout for a bill that will need regulators to regard factors such as reduced market share, nine other factors to weigh unfair trade lawsuits, and idled capacity.
It looks quite probable, the reform that was being pushed for many years may come into effect. As per analyst at Bloomberg Intelligence, it is not sheer coincidence to have the President and the Congress on board, and it is now they are filing.
The American steel industry is facing pressure from a record number of imports as foreign competitors are taking advantage of the growing demand in the U.S. and the stronger dollar. The producers in U.S. have put a plea to bring in effect anti-dumping duties on steel which is corrosion resistant from specific producers in five countries that were named in the lawsuit.
Steel that is coated with aluminum or zinc to prevent rust, imported from any of these countries accounted for 67% of imports in the U.S. in 2014, as per the complaint. In that year, 4.1 million tons of corrosion resistant metal was imported in the U.S., to meet the domestic consumption of 20.8 million tons.