The U.S. International Trade Commission has voted to institute anti-dumping taxes against steel pipe imports from seven countries. U.S. steel companies filed a complaint in 2013 after a spike in imports on steel pipes used in the oil and gas industry, as foreign companies tried to get a piece of successful U.S. shale gas drilling.
Friday's decision was a win for the U.S. steel companies that said the cheap imports had undercut their prices.
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The USITC imposed the duties on India, South Korea, Saudi Arabia, Taiwan, Turkey, Ukraine and Vietnam, while the Philippines and Thailand are exempt.
AK Steel stock was up 3.7% to $10.38 at 11:50 a.m.
Separately, TheStreet Ratings team rates AK STEEL HOLDING CORP as a "sell" with a ratings score of D+. TheStreet Ratings Team has this to say about their recommendation:
"We rate AK STEEL HOLDING CORP (AKS) a SELL. This is driven by multiple weaknesses, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its weak operating cash flow and poor profit margins."