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Earlier this week, the U.S. Commerce Department announced final results of the Anti-dumping Duty (AD) and Countervailing Duty (CVD) investigations on imports of Carbon and Alloy Steel Wire Rod from Italy, Korea, Spain, Turkey and the United Kingdom. The investigations were initiated based on a petition filed by Gerdau Ameristeel US Inc. (FL), Nucor Corporation (NC), Keystone Consolidated Industries (TX), and Charter Steel (WI).
The department has found that exporters of Carbon and Alloy Steel Wire Rod from Italy, Korea, Spain, Turkey and the United Kingdom are dumping carbon and alloy steel wire rod in the United States at 12.41– 18.89 percent, 41.10 percent, 11.08 – 32.64 percent, 4.74 – 7.94 percent, and 147.63 percent less than fair value, respectively. The department also determined that exporters from Italy and Turkey are providing countervailable subsidies to its producers of carbon and alloy steel wire rod at rates ranging from 4.16 – 44.18 percent and 3.81 – 3.86 percent, respectively. The Commerce Department has asked the United States’ Customs and Border Protection Agency (CBP) to collect cash deposits from importers based on these final rates.
According to the department’s calculations, imports of carbon and alloy steel wire rod from Italy, Korea, Spain, Turkey, and the United Kingdom were valued at an estimated $12.2 million, $45.6 million, $40.7 million, $41.4 million, and $20.5 million, respectively, in 2016.
Since coming to power the Trump administration has initiated 102 antidumping and countervailing duty investigations, a whopping 96 percent increase from the previous period. The statement from the department quoted the Commerce Secretary Wilbur Ross as saying, “President Trump made it clear from the beginning that we will vigorously administer our trade laws to provide U.S. industry with relief from unfair trade practices……..Today’s decision follows an open and transparent investigation in accordance with the applicable laws, regulations, and administrative practices that ensured a full and fair review of the facts.”
