Get 40% Off
👀 👁 🧿 All eyes on Biogen, up +4,56% after posting earnings. Our AI picked it in March 2024.
Which stocks will surge next?
Unlock AI-picked Stocks

Trade panel says U.S. producers harmed by structural steel imports

Published 03/20/2019, 12:09 PM
Updated 03/20/2019, 12:10 PM
© Reuters.  Trade panel says U.S. producers harmed by structural steel imports

WASHINGTON (Reuters) - The U.S. International Trade Commission said on Wednesday that domestic producers were being harmed by imports of fabricated structural steel from Canada, China and Mexico, keeping alive an investigation that could lead to duties on the products.

The ITC's preliminary determination ensures that an anti-dumping and countervailing duty investigation launched by the U.S. Commerce Department last month will move forward.

U.S. lawmakers, car companies and Canada and Mexico have strongly urged the Trump administration to drop U.S. national security tariffs on steel and aluminum imports after a deal announced last year to revise the North American Free Trade Agreement.

The fabricated structural steel under investigation is used in major building projects, including bridges, office and residential buildings, parking decks and ports.

If the Commerce Department determines the imports are being dumped in the U.S. market at less than fair value, unfairly subsidized, or both, and if the ITC affirms its finding of harm, the United States will impose duties for an initial five years.

The department launched the trade case after receiving a petition from an industry trade group.

The United States imported $658.3 million worth of fabricated structural steel from Canada in 2017, $841.7 million worth from China, and $406.6 million from Mexico.

The Commerce Department alleges there are 44 subsidy programs for Canadian fabricated structural steel, including tax programs, grant programs, loan programs, export insurance programs, and equity programs. There are also 26 subsidy programs for China and 19 subsidy programs for Mexico, according to the agency.

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .

Last month, a Canadian steel industry group said it would strongly oppose anti-dumping duties on certain steel imports from Canada. The Canadian Institute of Steel Construction said allegations “that these products from Canada are unfairly traded and cause injury to U.S. producers of fabricated steel products are baseless.”

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.