NEW YORK (TheStreet) -- AK Steel (AKS) - Get Report stock is increasing 2.01% to $4.05 in late morning trading on Thursday after the U.S. issued new anti-dumping and anti-subsidy duties on corrosion-resistant and flat-rolled steel from China and other countries.
Chinese steel imports will face tariffs of up to 450%, while Italy, India, South Korea and Taiwan corrosion-resistant steel imports will be subject to anti-dumping duties of 3% to 92%, Reuters reports.
Flat-rolled steel from these countries, except Taiwan, will be subject to anti-subsidy duties as part of the final rules from the Commerce Department after regulators issued preliminary tariffs last December.
The Chinese Commerce Ministry called the move "irrational" and that the tariffs could hinder cooperation between the countries.
"China will take all necessary steps to strive for fair treatment and to protect the companies' rights," the Commerce Ministry said, according to Reuters.
West Chester, OH-based AK Steel produces flat-rolled carbon, stainless and electrical steels, and tubular steel products.
Separately, AK Steel has a "hold" rating and a letter grade of C- at TheStreet Ratings because of the company's compelling growth in net income, good cash flow from operations and impressive record of earnings per share growth, which offsets generally disappointing stock performance and poor profit margins.
You can view the full analysis from the report here: AKS
TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this article's author.