US intends to impose 41% duty on South Korean steel wire rod

The United States has announced its intention to impose a 41 percent duty on South Korean carbon and alloy steel wire rods.

The US Department of Commerce on Tuesday said it would impose anti-dumping duties on steel products from South Korea, the United Kingdom, Italy, Spain and Turkey over the next five years, accusing them of dumping steel products in the US market.

This decision was made after the Ministry of Trade conducted an investigation into anti-dumping and countervailing duties on the import of such products. Last April, the department launched inspections against ten steel exporting countries, responding to complaints from US steel companies that imported steel products were harming their business.

Britain was accused of selling steel 147 percent below fair value, leading to the same anti-dumping duty rate imposed on British steel products.

In relation to Spain, duties were introduced in the amount of 11 to 33 percent, and in relation to Italy - from 12 to 19 percent.

If the International Trade Commission decides in early May to accept the conclusions of the Department of Commerce, then the presented duty rates will be introduced for five years.