ITC ruling on hot-rolled steel products coming today
Heads up, everybody: Today, the International Trade Commission (ITC) will be announcing its ruling on the five-year review of countervailing duty and antidumping orders on hot-rolled steel from selected countries.
Should these orders stand? We sure think they should. As we explained back in October when the ITC took up its review:
Domestic producers of hot-rolled steel are still trying to recover from the economic crisis that began in late 2008. From 2007 to 2009, U.S. consumption of hot-rolled steel fell by 43.2 percent – and last year consumption still had not returned to 2007 levels.
At the same time, unfair trading practices abroad have resulted in massive volumes of capacity that cannot be justified in market terms. In fact, recent data indicate that the subject countries have almost 84 million net tons (NT) of unused capacity – a figure that exceeds total U.S. consumption of hot-rolled steel by over 20 million NT. Even a small percentage of this unused capacity could be used to ship a devastating volume of hot-rolled steel to the United States.
Emphasis added. Read more background about this ITC review here. And stay tuned for today’s ruling …
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