March 20, 2018 / 11:33 PM / 4 months ago

U.S. finds dumping, subsidies in wire rod imports from five nations

WASHINGTON (Reuters) - The U.S. Commerce Department on said on Tuesday it had made final findings in dumping and subsidy investigations of carbon and alloy steel wire rod sold in U.S. markets from Italy, South Korea, Spain, Turkey and Britain.

The decision, subject to a finding the imports hurt U.S. producers, will let Commerce impose tariffs of up to 147.63 percent for five years.

The action followed petitions filed last year on behalf of Gerdau Ameristeel US Inc of Florida, a unit of Metalurgica Gerdau SA (GOAU4.SA), Nucor Corp (NUE.N) of North Carolina, Keystone Consolidated Industries of Texas and Charter Steel of Wisconsin.

Wire rod is a hot-rolled intermediate steel product used in a variety of goods.

Exporters from Italy, South Korea, Spain, Turkey and Britain sold wire rod at 12.41 percent to 18.89 percent, 41.10 percent, 11.08 percent to 32.64 percent, 4.74 percent to 7.94 percent and 147.63 percent less than fair value, respectively, Commerce said in a statement.

It also found Italy and Turkey provided countervailable subsidies to producers at rates of 4.16 percent to 44.18 percent and 3.81 percent to 3.86 percent, respectively.

In 2016, imports of wire rod from Italy, South Korea, Spain, Turkey and Britain were estimated at $12.2 million, $45.6 million, $40.7 million, $41.4 million and $20.5 million, respectively.

If the International Trade Commission finds the imports injure U.S. producers, the Commerce Department will impose the tariffs for five years. The ITC is due to make its determination around May 3.

In Italy, Ferriere Nord was assigned a dumping margin of 12.41 percent and a subsidy rate of 4.16 percent and Ferriera Valsider a dumping margin of 18.89 percent and a subsidy rate of 44.18 percent. All others were assigned a dumping margin of 12.41 percent and a subsidy rate of 4.16 percent.

South Korea’s POSCO (005490.KS) was assigned a dumping margin of 41.10 percent.

In Spain, Global Steel Wire, CELSA Atlantic and Compania Espanola de Laminacion were assigned dumping margins of 11.08 percent, ArcelorMittal Espana, a unit of ArcelorMittal (MT.AS), a margin of 32.64 percent, and all others 11.08 percent.

In Turkey, Habas Sinai ve Tibbi Gazlar Istihsal Endustrisi received a dumping margin of 4.74 percent, Icdas Celik Enerji Tersane ve Ulasim Sanayi a margin of 7.94 percent, and all others margins of 6.34 percent. Habas Sinai Ve Tibbi Gazlar Istih got a subsidy rate of 3.86 percent, Icdas Celik Eberji Tersane Ve Ulasim San a rate of 3.81 percent and all others a rate of 3.84 percent.

British Steel Ltd and Longs Steel UK Ltd were given dumping margins of 147.63 percent, as were all other U.K. exporters.

Reporting by Eric Walsh; Editing by Tom Brown

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