SAULT STE. MARIE, ON, Aug. 12, 2016 /PRNewswire/ - Essar Steel Algoma Inc. (Essar Algoma) applauds the Canadian International Trade Tribunal's (CITT) decision today to renew its dumping finding against China, Brazil and Ukraine and its subsidization finding against India in respect of hot-rolled steel sheet and strip. This decision from the CITT ensures that duties on imports from these four countries will remain in place for another five years.
The CITT's finding of likely resumed injury follows a decision by the Canada Border Services Agency (CBSA) that resumed dumping is likely from China, Brazil and Ukraine and resumed subsidization is likely from India if duties were removed. Imports of hot-rolled sheet from the three dumping countries are subject to duties equal to 77% of the export price of the goods. Imports of hot-rolled sheet from India are subject to duties of 3,150 Indian Rupees per metric tonne.
Due to their unfair trade practices, hot-rolled sheet imports from these countries have been subject to duties in Canada since August of 2001. Today's decision from the CITT marks the third time that these duties have been renewed.
Essar Algoma CEO Kalyan Ghosh commented on today's ruling, "Algoma has been successfully serving the Canadian market for over 100 years however, we cannot compete against government-funded exporters that dump steel in our market. While today's decision is a positive development for Canada's steel industry, we remain very concerned about the continued presence of unfairly traded steel in the Canadian market. We are especially concerned in light of the ongoing proceedings against hot-rolled sheet from various countries in the United States, which could divert higher volumes of dumped steel into Canada."
Ghosh added, "We will remain vigilant in monitoring and addressing the threat that unfairly traded hot-rolled sheet poses to our company's viability and to jobs in Sault Ste. Marie and Canada more broadly."
Essar Steel Algoma
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.
Essar Steel Algoma Inc. filed for creditor protection under the Companies Creditors Arrangement Act on November 9, 2015. The Sale and Investment Solicitation Process was launched on February 11, 2016. Relevant documents can be found on the Monitor's website at www.ey.com/ca/essaralgoma and on the Prime Clerk website at http://cases.primeclerk.com/EssarSteel.
SOURCE Essar Steel Algoma Inc.
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