This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

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

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."

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
FB $117.92 0.42%
GOOG $697.28 0.71%
TSLA $223.28 -3.90%
YHOO $35.94 -0.18%
AAPL $94.38 -0.84%


Chart of I:DJI
DOW 17,645.65 -105.26 -0.59%
S&P 500 2,049.16 -14.21 -0.69%
NASDAQ 4,721.2480 -41.9760 -0.88%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs