* Duties on hot-rolled flat products of alloy or non alloy
* China, Japan, Korea, Russia, Brazil, Indonesia affected
* Retroactive duties effective for 5 years from Aug. 8,
* Nippon Steel, POSCO, Hyundai Steel, Mitsui to hurt
(Rewrites, adds details throughout)
NEW DELHI, May 12 India imposed retroactive
anti-dumping duties on some steel products of foreign firms
including POSCO and Nippon Steel & Sumitomo Metal
Corp, the latest in a series of protectionist measures
that have already drawn international complaints.
The duties on hot-rolled flat products of alloy or non alloy
steel, originating in or exported from China, Japan, Korea,
Russia, Brazil and Indonesia, will be effective for five years
from Aug. 8, 2016, the Ministry of Finance said in a statement
on its website on Friday. (bit.ly/2qaOCnv)
The taxes are one of several measures the government has
taken over the past two years to protect India's steel industry
- the world's third largest by output - and that include putting
a floor price on imports.
These measures have prompted the world's second biggest
steel producer Japan to ask the World Trade Organization to set
up a dispute settlement panel to examine India's actions.
Indian companies such as JSW Steel, Tata Steel
and SAIL have already benefited from the
restrictions on overseas purchases, with imports falling around
37 percent to 7.4 million tonnes and exports jumping 102 percent
to 8.2 million tonnes in the year ended March 31 from a year
The latest duty on hot-rolled steel follows a recommendation
from the Directorate General of Anti-Dumping and Allied Duties
(DGAD), which has also suggested a similar step for some
cold-rolled products. The finance ministry usually accepts all
DGAD recommendations that are made after detailed examination.
Some other companies whose products will be affected by the
duties include Hyundai Steel Co, JFE Steel Corp
, POSCO Daewoo Corporation, Samsung C&T
Corp and Mitsui & Co.
(Reporting by Manoj Kumar and Krishna N. Das; Editing by Malini
Menon and Miral Fahmy)