December 06, 2017 05:47 PM
Stocks of domestic steelmakers rose on Wednesday, after the announcement from the Commerce Department about the preliminary ruling on duties on certain imports. Those imports are those of Chinese steel that are finished in Vietnam.
U.S. importers of cold-rolled and galvanized steel from Vietnam will have to make cash deposits equal to the applicable duties. According to industry media, these are huge duties, up to 265 percent of the value of the steel.
U.S. Steel sent a statement: "This represents a critical step to shutting down one of the many paths used to flood the U.S. with dumped and subsidized steel."
The final DOC decisions is expected as early as February.
Updated: December 06, 2017 05:47 PM
Created: December 06, 2017 05:44 PM
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