WEST CHESTER, Ohio, Oct. 18, 2012 /PRNewswire/ -- AK Steel (NYSE: AKS) commends the U.S. Trade Representative for successfully defending China's appeal of a World Trade Organization (WTO) panel decision that China had no legal basis to impose antidumping and countervailing duties on imports of grain oriented electrical steel (GOES) from the United States beginning in December 2009.
"The WTO's Appellate Body has affirmed 100 percent of the panel's findings that China's Ministry of Commerce had no justification to impose duties on AK Steel products. It is now firmly established that China's case was contrary to the WTO rules from the beginning and should never have been pursued," said James L. Wainscott, Chairman, President and CEO of AK Steel. Mr. Wainscott added, "AK Steel is very grateful to United States Trade Representative Ron Kirk and his staff for this excellent defense of the rights of U.S. manufacturers and U.S. workers. We are pleased that China at this point has no further avenue for appeals."
In December 2009, China's Ministry of Commerce (MOFCOM) imposed duties on imported electrical steel products. AK Steel is one of the largest and most technologically-advanced global producers of GOES, which are helping to meet the world's growing demand for efficient electricity generation, transmission and distribution. The tariffs total approximately 19.5 percent against AK Steel. The United States requested consultations with the Government of China in September 2010, beginning the WTO dispute settlement process. On June 15, 2012, a dispute settlement panel ruled that China violated numerous procedural and substantive rules for imposing antidumping and countervailing duties. AK Steel urges the U.S. Trade Representative to insist on China's prompt compliance with the WTO's ruling by rescinding the tariffs within a reasonable period of time. The existing tariffs will remain in effect pending China's implementation of the ruling.
AK Steel AK Steel produces flat-rolled carbon, stainless and electrical steels, primarily for automotive, infrastructure and manufacturing, construction and electrical power generation and distribution markets. The company employs about 6,200 men and women in Middletown, Mansfield, Coshocton and Zanesville, Ohio; Butler, Pennsylvania; Ashland, Kentucky; Rockport, Indiana; and its corporate headquarters in West Chester, Ohio. Additional information about AK Steel is available on the company's web site at www.aksteel.com.AK Tube LLC, a wholly-owned subsidiary of AK Steel, employs about 300 men and women in plants in Walbridge, Ohio and Columbus, Indiana. AK Tube produces carbon and stainless electric resistance welded (ERW) tubular steel products for truck, automotive and other markets. Additional information about AK Tube LLC is available on its web site at www.aktube.com. AK Coal Resources, Inc., another wholly-owned subsidiary of AK Steel, owns or leases metallurgical coal reserves in Somerset County, Pennsylvania. AK Steel also owns 49.9% of Magnetation LLC, a joint venture headquartered in Grand Rapids, Minnesota, which produces iron ore concentrate from previously mined ore reserves. SOURCE AK Steel
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Jim Cramer + 20 Wall Street pros
- Intraday commentary & news
- Real-time trading forum
- Actionable trade ideas
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV