Slater Steels Corporation, Fort Wayne Specialty Alloys Division, Announces that the U.S. Department of Commerce Has Released Final Dumping and Countervailing Margins On Imports of Stainless Steel Bar

Jan 17, 2002, 00:00 ET from Slater Steel Inc.

    WASHINGTON, D.C., Jan. 17 /PRNewswire/ - Slater Steels Corporation, Fort
 Wayne Specialty Alloys division, announced that the U.S. Department of
 Commerce has determined final dumping and countervailing duties on imports of
 stainless steel bar ranging up to 71% on products from France; 32% on products
 from Germany; 33% on products from Italy; 13% on products from South Korea;
 and 126% on products from the United Kingdom. No anti-dumping duties were
 assessed against Taiwan producers. The Commerce Department also announced the
 imposition of countervailing duties on certain Italian producers of up to 13%.
     Final duties will go into effect if the International Trade Commission
 (ITC) concludes that the U.S. industry is being injured by the imports. A
 determination by the ITC is expected on or before February 20, 2002.
     Slater Steels Corporation, Fort Wayne Specialty Alloys division, together
 with four major U.S. stainless steel bar producers and the United Steelworkers
 of America, filed an antidumping petition with the U.S. government on December
 28, 2000. The petitioners charged France, Germany, Italy, South Korea, the
 United Kingdom and Taiwan with dumping stainless steel bar into the U.S.
 market. A simultaneous countervailing duty petition was filed against Italian
 producers alleging extensive government subsidization and requesting that
 additional duties be imposed to offset those subsidies. Similar duties were
 originally imposed in 1995 on stainless bar imports from Brazil, India, Japan
 and Spain. Slater Steels Corporation, Fort Wayne Specialty Alloys, and other
 domestic producers also have these four dumping orders in place as a result of
 the recent five-year extension of the orders and duties. In addition, a
 decision is expected in early March on the steel industry Section 201 trade
 investigation initiated last year by President Bush. This separate
 investigation includes stainless steel bar products.
     Stainless steel bar, produced in a variety of different shapes, cross
 sections, and finishes, is used in applications requiring a high degree of
 corrosion resistance. Examples of applications include pumps, valves,
 fittings, manufacturing equipment, other general industrial products, as well
 as automotive, aerospace and medical products.
     U.S. antidumping law is consistent with international trade rules as
 established by the World Trade Organization. Every industrialized nation has
 antidumping laws and most use them actively.

SOURCE Slater Steel Inc.