EU imposes import duties on some Chinese steel to counter subsidies

2017-08-11 11:31:00 Policy,  International reuters.com

The European Union has imposed provisional import duties of as much as 28.5% on certain Chinese corrosion-resistant steels after an eight-month investigation found that the products benefited from unfair subsidies, Reuters reported on August 10.


The August 9 decision by the European Commission followed a complaint by steel association Eurofer whose members include ArcelorMittal, ThyssenKrupp and Tata Steel Europe.


Imports of Chinese coated, corrosion resistant steel have surged 45% this year and make up 51% of total EU imports of the product, according to data cited by investment bank Jefferies.


"With Voestalpine (VOES.VI), Thyssenkrupp and ArcelorMittal leading exposure to galvanised (corrosion resistant) steel, today's news is a positive catalyst for boosting domestic market share and margins," Jefferies analysts said.


The EU has hit China, which produces half the world's steel, with anti-dumping duties on various steel products in recent years after EU companies cited illegal subsidies.


The EU executive body said anti-dumping duties were necessary to help producers in at least 15 EU countries, according to an announcement published in the bloc's Official Journal on August 9.


"It was provisionally concluded that the imposition of measures would contribute to the recovery of the Union industry by allowing price increases enabling the industry as a whole to return to a profitable situation," the Commission said in a statement.


The EU import duties, ranging from 17.2% to 28.5%, will affect Hesteel Group, Shougang Group, Shagang Group and several other companies.


The companies can challenge the EU decision at a hearing within 25 days.


(Writing by Tammy Yang   Editing by Harry Huo)
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