"Illegal Steel Imports Cited" (EU - France, Germany, Italy, & Britain)
By ANICK JESDANUN
Associated Press Writer
Saturday December 19
WASHINGTON (AP) -- Eight countries appear to be dumping stainless steel products in the United States at prices dramatically below production costs, the Commerce Department has found.
If a full-scale investigation supports the preliminary ruling, imports from those countries could be subject to duties, possibly retroactively. For now, importers will be required to post a bond or cash deposit on shipments.
Friday's ruling represented the latest victory for an industry that says it cannot compete against foreign producers flooding the U.S. market with steel at cut-rate prices.
The department's finding covers stainless steel sold in flat sheets rolled up like carpet -- a product used to make kitchen sinks, dishwashers and other appliances -- from France, Germany, Italy, Japan, Mexico, South Korea, Taiwan and Britain.
Commerce issued a preliminary finding that the product has been sold here at up to 59 percent below cost, meaning the U.S. Customs Service will begin to collect a bond or deposit to make up the difference.
The department now must issue a final ruling early next year, after which the independent U.S. International Trade Commission must decide whether any dumping has harmed or threatens to harm U.S. industry.
Earlier, the department found preliminary evidence that France, Italy and South Korea also offered subsidies to their producers. Final determinations are expected next year as well.
The government has two other dumping cases involving the stainless steel industry, as well as a broader complaint filed by the producers of basic, or carbon, steel.
In the carbon steel case, Commerce already has found evidence of a massive surge in steel imports, meaning any duties would be retroactive to mid-November.
The case ruled on Friday was filed by Allegheny Ludlum Corp., Armco Inc. (NYSE:AS - news) and J (JL - news)&L Specialty Steel Inc., all based in Pittsburgh, and the Washington Steel division of Bethlehem (NYSE:BS - news) Steel Corp. in Coatesville, Pa. The United Steel Workers of America and smaller labor unions also participated.
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