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April 29, 2017

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China Steel to face US anti-dumping tariff next week

TAIPEI, Taiwan -- Exports to the U.S. market by China Steel Co. (CSC, 中鋼) may face a 28.14-percent anti-dumping tariff as soon as next week, when a ruling by the Department of Commerce (DOC) takes effect.

The U.S. DOC announced on May 16 that non-oriented electrical steel (NOES) exporters from Taiwan, Japan, South Korea, China, Germany and Sweden are in violation of anti-dumping regulations.

Consequently, the DOC has ruled to exact a non-retroactive 28.14-percent anti-dumping tariff on CSC exports before a final verdict, which is set to be delivered before Oct. 3. According to the DOC, Taiwanese NOES exports to the U.S. in 2012 reached NT$517 million, and NT$244 million in 2013.

In response, CSC stated that exports of NOES to the U.S. market reached around 130,000 tons, contributing revenues of NT$390 million. CSC stated the DOC's ruling will not impact its performance significantly. In addition, the company stated that despite the added tariff, its products may still be priced competitively in the U.S. market, as exporters of other nations have received much higher tariff rulings. The company noted that it commands 7 percent of the global market for NOES, with the figure expected to rise to 10 percent as its India-based production facilities commence operations in September. CSC also emphasized that it has branched out to other steel product niches and is branching out toward supplying various developing markets outside the U.S.

Leicong Industrial Co. (麗鋼), another Taiwanese steel producer, however, received a 52.23-percent anti-dumping tariff ruling, as the company had failed to respond to a questionnaire by the DOC.

Meanwhile, citing the lack of conformance to its investigations, and their refusal to respond to questionnaires, the DOC had ruled to much harsher anti-dumping tariffs at 407.52 percent for China-based exporters, 98.84 percent for Germany's CD Walzholz and ThyssenKrupp, and 204.79 percent for Japan's JFE and Sumitomo, with Sweden's Surahammars Bruks AB receiving 126.72 percent. South Korea's POSCO received the lowest tariff at 6.91 percent.

The Bureau of Foreign Trade (國貿局) urged domestic steel producers affected by the DOC's ruling to prepare their appeals to U.S. authorities in hopes of reducing punitive tariffs prior to the U.S. International Trade Commission's final ruling on Nov. 17.

CSC shares yesterday gained NT$0.25 or 1 percent to close at NT$25.15.

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