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U.S. Producers Of Grain-Oriented Electrical Steel Applaud International Trade Commission Finding Of Injury By Foreign Producers To American Manufacturers And Workers, Says Kelley Drye & Warren LLP

Stocks in this article: AKS ATI

WASHINGTON, Nov. 19, 2013 /PRNewswire-USNewswire/ -- The U.S. International Trade Commission (ITC) made a unanimous (6-0) preliminary determination today that foreign producers of grain-oriented electrical steel (GOES) are causing injury to the two U.S. producers of GOES and their workers.  The preliminary injury determination means that the case against producers in seven countries will proceed.

AK Steel Corporation (NYSE: AKS) and ATI Allegheny Ludlum, an Allegheny Technology company (NYSE: ATI), along with the United Steelworkers ("USW"), a union representing workers engaged in the production of GOES at Allegheny Ludlum, filed petitions on September 18 charging that unfairly traded imports of GOES from China, the Czech Republic, Germany, Japan, Poland, Russia and South Korea were causing material injury to the domestic injury.  Antidumping cases were filed against all seven countries, in addition to a countervailing duty case against China alleging government subsidization of Chinese producers.

The case now moves to the United States Department of Commerce ("Commerce Department") for determinations as to whether the foreign producers are violating U.S. antidumping law by selling their products at less than fair value in the United States, and U.S. countervailing duty law covering government subsidies.  The Commerce Department will calculate antidumping margins, which are designed to offset the amount by which the product is sold at less than fair value.  Estimated antidumping duties will be collected from importers as of the date of the Commerce Department's preliminary determination, which will occur on March 13, 2014.  If foreign producers attempt to "beat the clock" by making massive shipments into the U.S. market before the Commerce Department's preliminary determination, antidumping duties can be imposed retroactively beginning 90 days prior to the preliminary determination.  The preliminary determination in the Chinese subsidy case will be made by Commerce on December 30, 2013.

James L. Wainscott, Chairman, President and Chief Executive Officer of AK Steel Corporation stated, "We are very pleased that the ITC has made this favorable determination.  We expect all of our competitors to operate according to the rules of fair trade, and this is a key step in moving the case forward."

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