Search

U.S. sharply cuts tariffs on Korean-made hot-rolled steel: sources

The U.S. Department of Commerce has decided to slash its tariffs on hot-rolled steel products from South Korean steelmakers, industry sources said Friday.


According to the sources, the U.S. government recently decided to cut the countervailing duty (CVD) on hot-rolled steel sheets produced by POSCO from 41.57 percent to 0.55 percent after its annual review.


The U.S. commerce department originally imposed a 58.86 percent CVD on POSCO's hot-rolled steel in 2016. But the U.S. Court of International Trade last month ordered the U.S. government to lower the rate to 41.57 percent until its annual review session, saying that it hadn't provided reasonable grounds for the tariff calculation.


The CVD on hot-rolled steel from Hyundai Steel Co., South Korea's second largest steelmaker, was lowered from 3.95 percent to 0.58 percent, according to the sources. Other local steelmakers will get CVDs of 0.56 percent, they said.


Hot-rolled steel is used in car manufacturing and construction. Last year, South Korean companies exported 477,000 tons of hot-rolled steel to the U.S.


Source: Yonhap / metaljunction.com

Recent Posts

See All

European steel prices recover but demand wanes

The announcement of the new quota-based steel trade deal between the EU and the United States, although short of detail, boosted the mills’ confidence. Purchasing activity, however, remains weak. A nu

worldsteel Short Range Outlook October 2021

The World Steel Association (worldsteel) today released an update of its Short Range Outlook (SRO) for 2021 and 2022. worldsteel forecasts that steel demand will grow by 4.5% in 2021 and reach 1,855.4