US anti-dumping duties add to pressure on Korean steel firms
South Korean midsized steel companies may face setbacks in the wake of the US move to raise anti-dumping duties on imported oil pipelines, amid global trade uncertainties and price surges in raw materials.
According to the steel industry on Wednesday, the US Department of Commerce has imposed anti-dumping tariffs of 38.87 percent on local steel firm Nexteel and 22.7 percent on Seahsteel, effective June 14 for one year. As for other steel companies, the tariff rate was set at 29.89 percent.
Last year, the duties were 18.87 percent for Nexteel, 14.39 percent for Seahsteel and 16.58 percent for other firms.
Oil pipelines are steel materials used to draw oil or gas from oilfields. Last year, Korea exported oil pipelines worth $350 million to the US.
The US cited the “particular market situation” as legal grounds. PMS is an investigation method for the Department of Commerce to set tariff rates at its discretion on the grounds that documents submitted by an exporter may be insufficient.
