SAULT STE. MARIE, ON, Dec. 9, 2015 /PRNewswire/ - Following a complaint filed by Essar Steel Algoma Inc., the Canada Border Services Agency ("CBSA") issued Final Determinations on December 7, 2015 respecting certain hot-rolled carbon and high-strength low-alloy steel plate. Specifically, the CBSA has determined dumping and subsidizing has occurred respecting certain hot-rolled carbon steel plate and high-strength low-alloy steel plate originating in or exported from the Republic of India (India) and the Russian Federation (Russia).
The Canadian International Trade Tribunal is continuing its inquiry into the question of injury to the domestic industry and will issue its decision by January 6, 2016. If there is a finding of injury, anti-dumping duties would apply at a rate of 98.1% with the exception of Severstal of Russia which would apply at a rate of 15.3%. Imports from India will also be subject to a countervailing duty rate of 7,844 Indian rupees per metric tonne.
"Enforcing fair trade in Canada's domestic steel market is more critical than ever given current market conditions," said Essar Steel Algoma President and CEO Kalyan Ghosh. "The determinations imposed by the CBSA represent a victory for all Canadian steel producers. It signals clearly that our government will not allow other countries to distort our markets by dumping steel here."
About Essar Steel Algoma Inc.
Essar Steel Algoma Inc. is based in Sault Ste. Marie, Ontario. As a fully integrated steel producer, the company derives its revenues primarily from the manufacture and sale of hot and cold rolled steel products including sheet and plate. Founded in 1901 as Algoma Steel, the company was acquired in June 2007 by Essar Steel Holdings Limited. Its products are sold to customers in the automotive, light manufacturing, construction, shipbuilding, energy, mining and steel distribution industries.
SOURCE Essar Steel Algoma Inc.