WEST CHESTER, Ohio, Dec. 3, 2013 /PRNewswire/ -- AK Steel (NYSE: AKS) said today that the U.S. International Trade Commission (ITC) has made a unanimous preliminary determination that non-oriented electrical steel (NOES) produced in several foreign countries is causing injury to AK Steel. The preliminary injury determination means that cases against NOES producers in six countries will proceed.
"We applaud the ITC's preliminary ruling against unfairly traded imports of non-oriented electrical steel," said James L. Wainscott, Chairman, President and CEO of AK Steel. "The rules of fair trade apply to all of our competitors, and we will continue to vigorously defend our ability to compete by using every tool at our disposal."
AK Steel filed petitions with the ITC and the United States Department of Commerce (Commerce Department) on September 30, 2013 charging that unfairly traded imports of NOES from China, Germany, Japan, South Korea, Sweden and Taiwan were causing material injury to the domestic industry. Antidumping cases were filed against all six countries, in addition to countervailing duty cases alleging subsidization in China, South Korea and Taiwan. The cases now move to the Commerce Department for determinations as to whether 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, and subsidy rates, which are designed to offset the amount by which the product benefits from unfair government subsidies. Estimated antidumping duties will be collected from importers as of the date of the Commerce Department's preliminary determinations, which will occur on March 26, 2014. If foreign producers attempt to "beat the clock" by making massive shipments into the U.S. market before the Commerce Department's preliminary determinations, antidumping and countervailing duties can be imposed retroactively beginning 90 days prior to the preliminary determinations.
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