Washington-The U.S. Department of Commerce (DOC) on Monday issued a final order imposing duties of up to 456 percent on steel products that are produced in Taiwan and South Korea, shipped to Vietnam for minor processing, and then exported to the United States.
The agency said in a statement that corrosion-resistant steel products and cold-rolled steel processed in Vietnam using steel of South Korean or Taiwanese origin had circumvented U.S. anti-dumping and anti-subsidy duties.
As a result of the ruling, the United States will continue to collect anti-dumping duty and countervailing duty cash deposits as high as 456.20 percent on imports of the two types of steel produced in Vietnam using steel from Korea or Taiwan.
The ruling was based in part on the high growth in steel shipments from Vietnam after Taiwanese and Korean suppliers were hit with high preliminary duties on their products.
Shipments of corrosion-resistant steel products from Vietnam to the United States increased 4,353 percent from US$23 million between April 2012 and December 2015 (when preliminary duties were imposed on South Korean and Taiwanese products) to US$1.1 billion from January 2016 to September 2019, the statement said.
Shipments of cold-rolled steel rose from Vietnam to the United States rose 922 percent from US$49 million between January 2013 and February 2016 (when preliminary duties were imposed on South Korean and Taiwanese products) to US$498 million between March 2016 and April 2019, according to the statement.
It said the inquiries were initiated at the request of U.S. domestic producers of the two types of steel, including Steel Dynamics, Inc., California Steel Industries, AK Steel Corp., ArcelorMittal USA LLC, Nucor Corp., and United States Steel Corp..
Source: Focus Taiwan News Channel