U. S. Steel President And CEO Comments On Affirmative Decision By International Trade Commission In OCTG Trade Case
PITTSBURGH, Aug. 22, 2014 /PRNewswire/ -- Today United States Steel Corporation (NYSE: X) President and CEO Mario Longhi issued the following statement in response to the International Trade Commission's affirmative final vote in a trade case on Oil Country Tubular Goods (OCTG) against eight countries including South Korea. The Company, the largest integrated producer of tubular products headquartered in the United States, was a petitioner in the case.
Longhi's statement follows:
"United States Steel Corporation is pleased with the International Trade Commission's affirmative final vote to impose anti-dumping orders against six of the nine countries that are dumping Oil Country Tubular Goods (OCTG) into the market. U. S. Steel will continue to evaluate all of its options, including further litigation, with regards to Saudi Arabia, who was excluded from the International Trade Commission's final vote as a result of an amended final determination from the Department of Commerce, and the two countries (Thailand and the Philippines), for which the ITC reached a negative determination.
"The International Trade Commission's diligent and conscientious investigation and affirmative final vote clearly recognized that these six countries, which represent more than 90% of the unfairly traded imports that entered the U.S. market in 2013, imported OCTG using unfair methods and market distorting pricing. The dumped imports from all nine countries have caused material injury to the American market and the American worker. Orders have been reduced, mills idled and jobs have been lost.
"We are satisfied that the affirmative vote will ensure a more competitive and fairer OCTG market for American manufacturing and American workers. While U. S. Steel will continue on our own path toward sustainable profitability and to supply our customers with innovative steel solutions, we also intend to seek transformative, meaningful change to our trade laws to ensure that fairness will exist and is preserved, which can lead to a brighter future for American industry."
United States Steel Corporation, headquartered in Pittsburgh, Pa., is a leading integrated steel producer and Fortune 200 company with major production operations in the United States, Canada and Central Europe and an annual raw steelmaking capability of 27 million net tons. The company manufactures a wide range of value-added steel sheet and tubular products. For more information about U. S. Steel, please visit www.ussteel.com.
SOURCE United States Steel Corporation