Steel Industry Accuses Foreign Competitors Of Unfair Trade Practices
Ohio steel manufacturers await a ruling by the Department of Commerce on whether foreign competitors have engaged in unfair trade practices.
These companies complain that they are losing market share to foreign competitor receiving subsidies from their home countries, particularly South Korea, Crain’s Cleveland Business reports. Impacted manufacturers include Timken Steel in Canton, U.S. Steel in Lorain, Energex Tube in Warren and the Vallourec Star steel mill in Youngstown.
The ruling by the Department of Commerce will specifically deal with whether foreign steel manufacturers have exported goods to the U.S. for less than market value, a practice known as dumping.
“U.S. companies can petition the Commerce Department and International Trade Commission to investigate foreign companies on dumping in the U.S.,” a Commerce Department official told The Daily Caller News Foundation.
The official explained that within the multi-step process of investigating such claims, “The Department of Commerce has to find if there is dumping and the International Trade Commission has to find if there is injury.”
These complaints are common. Currently there are just under 300 claims being investigated.
If Department of Commerce concludes dumping happened and the International Trade Commission finds there was an injury, the U.S. Customs and Border Protection will then step in to take a percentage of the value from imports that are equivalent to what the American companies lost.
The Department of Commerce will release its findings Friday. If dumping is found, the case will move forward at the International Trade Commission.
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