SAULT STE. MARIE, ON, Feb. 18, 2016 /PRNewswire/ - On January 29, 2016, Essar Steel Algoma appealed to the Federal Court of Appeal to overturn the January 6, 2016 decision of the Canadian International Trade Tribunal ("CITT") regarding dumped and subsidized hot-rolled carbon steel plate and high-strength low-alloy steel plate imports from India and Russia. In their ruling, the CITT found that said imports have not caused injury and are not threatening to cause injury to Canada's domestic steel industry.
The CITT ruling followed the December 2015 the Canada Border Services Agency ("CBSA") finding that imports from India and Russia had been dumped into Canada at margins as high as 98%. The CBSA also found that Indian imports had received significant government subsidization. Notwithstanding the CBSA's findings of significant dumping and subsidization, the CITT's decision means that these same imports are exempt from dumping or countervailing duties.
Essar Steel Algoma believes that the CITT made several fundamental errors of law and it is asking that the Federal Court of Appeal reverse the CITT's decision. If the appeal is successful, dumping and countervailing duties will be imposed on imports of steel plate from India and Russia, for an initial period of five years. These duties could be applied retroactively to imports entering Canada as of January 6, 2016.
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.
SOURCE Essar Steel Algoma Inc.