US extends anti-dumping duty on India steel by 5 yrs.

The anti-dumping duty against hot-rolled steel from India, China and four other countries would continue for another five years, a federal US body has ruled.

The order in this regard by the US International Trade Commission (ITC) comes after two Senators — Sherrod Brown and Rob Portman — called for continuation of the anti-dumping duties against these six countries. It was required to maintain trade orders that would help ensure a level-playing field for an already vulnerable domestic steel industry.

The US ITC determined that revoking the existing anti-dumping and countervailing duty orders on hot-rolled steel products from China, India, Indonesia, Taiwan, Thailand, and Ukraine would be likely to lead to continuation or recurrence of material injury within a reasonably foreseeable time.

As a result of the Commission's affirmative determinations, the existing orders on imports of these products from these countries will remain in place, ITC said in a press release.

The ITC decision was welcomed by the two Senators.

"The ITC ruling is excellent news for Ohio’s workers and manufacturers like those at ArcelorMittal and AK Steel," Brown said. "Our steelmakers can compete with anyone in the world, but we need to level the playing field by enforcing anti-dumping and countervailing duties."

It would not only counteract illegal trade practices by these nations, but also help us make products and create jobs in Ohio and the US, he added.

Source : financialexpress.com