WEST CHESTER, Ohio, July 16, 2015 /PRNewswire/ -- AK Steel (NYSE: AKS) said today that the U.S. International Trade Commission (ITC) has made a unanimous preliminary determination that corrosion-resistant steel (CORE) produced in five foreign countries is causing injury to AK Steel and the domestic steel industry. The preliminary injury determination means that cases against CORE producers in the five named countries will proceed.
"We applaud the ITC's preliminary ruling that unfairly traded imports of corrosion-resistant steel have caused injury to AK Steel and other domestic steel producers," said James L. Wainscott, Chairman, President and CEO of AK Steel. "This decision is an important step forward in the process to fight dumped and subsidized CORE imports that have significantly impacted pricing in the U.S. market."
AK Steel and certain other domestic steel producers filed petitions with the ITC and the United States Department of Commerce (Commerce Department) on June 3, 2015, charging that unfairly traded imports of CORE from China, India, Italy, South Korea and Taiwan were causing material injury to the domestic industry. Anti-dumping cases and counter-vailing duty cases were filed against all five countries. The cases now move to the Commerce Department for determinations as to whether foreign producers are violating U.S. anti-dumping law by selling their products at less than fair value in the United States, and violating U.S. counter-vailing duty law covering government subsidies.
The Commerce Department will calculate anti-dumping margins, which are designed to offset the amount by which the product is sold at less than fair value, and subsidy rates, which are designed to offset the amount by which the product benefits from unfair government subsidies. Estimated counter-vailing and anti-dumping duties will be collected from importers as of the date of the Commerce Department's preliminary determinations, which will occur on or about August 27, 2015 and November 10, 2015, respectively. If foreign producers attempt to "beat the clock" by making massive shipments into the U.S. market before the Commerce Department's preliminary determinations, anti-dumping and counter-vailing duties can be imposed retroactively beginning 90 days prior to the preliminary determinations.
CORE is sheet or coiled steel product that has been coated or plated with a corrosion-or heat-resistant metal to prevent corrosion and thereby extend the service life of the products made from the steel. Steel coated with zinc, aluminum, or any of several zinc-aluminum alloys comprises most of the product at issue. Based on these unique product characteristics, CORE is widely used in infrastructure and construction applications such as roofing, siding, hardware, roof and bridge decks, guard rails, and culverts. CORE is also used in the manufacture of automobiles, trucks, appliances, industrial equipment, and agricultural equipment.
AK Steel is a world leader in the production of flat-rolled carbon, stainless and electrical steel products, primarily for automotive, infrastructure and manufacturing, construction and electrical power generation and distribution markets. Headquartered in West Chester, Ohio (Greater Cincinnati), the company employs approximately 8,000 men and women at eight steel plants, two coke plants and two tube manufacturing plants across six states: Indiana, Kentucky, Michigan, Ohio, Pennsylvania and West Virginia. Additional information about AK Steel is available at www.aksteel.com.
SOURCE AK Steel