U.S. initiates import duties on Chinese stainless steel

The Commerce Department on Friday began antidumping and countervailing duties on imports of Chinese-made stainless steel sheet and strip.    The Commerce Department on Friday initiated antidumping and countervailing duties on imports of Chinese-made stainless steel sheet and strip.
   Dumping occurs when a foreign company sells a product in the United States at less than its fair value, while countervailable subsidies are financial assistance from foreign governments to benefit domestically-produced exports. 
   The U.S. antidumping rates are set at 51.07 percent and 76.64 percent, depending on the Chinese exporter. Commerce’s countervailing duty rate is set above the de minimis, which less than 2 percent for developing countries.
   In 2015, imports of stainless steel sheet and strip from China were valued at an estimated $302 million, Commerce said.
   The petitioners for the Commerce investigations included AK Steel Corp. in Ohio, Allegheny Ludlum and ATI Flat Rolled Products of Pennsylvania, North American Stainless in Kentucky, and Outokumpu Stainless USA of Illinois.
   The U.S. International Trade Commission is scheduled to make its preliminary injury determination in these investigations by March 28. If the ITC determines there is a reasonable indication that imports of stainless steel sheet and strip from China harm domestic industry, the investigations
will continue and Commerce will be scheduled to make its preliminary countervailing duty determination in May and its preliminary antidumping determination in July 2016, unless the statutory deadlines are extended.
   If the ITC’s preliminary determination is negative, then the investigations will end.