AK Steel Holding Corporation (NYSE:AKS) has announced that it supports the final determinations revealed by the US Department of Commerce over the countervailing duty investigations and antidumping issues attached to cold-rolled steel.
The company’s announcement means that it is satisfied with the department’s announcement about the steel from Russia, Brazil, India, South Korea, Russia and the UK. AK Steel’s CEO, Roger K. Newport stated that the firm was pleased with the final determinations revealed by the Department of Commerce against subsized imports and dumping of cold-rolled steel. The CEO stated that the final decision was vital towards counteracting the damages that have been caused by subsidized imports and dumping.
The Department announced that the antidumping duties would be implemented at 8% for India, 26% for the UK, 13% for Russia, 34% for South Korea and 35% for Brazil. The countervailing duties have also been switched to 7% for Russia, 10% for India, 11% for Brazil and 58% for South Korea. AK Steel filed the cases in 2015 together with a few other steel firms. This led to investigations in the countries involved. Antidumping duty investigations carried out in Brazil found out that the dumping had taken place at a 14.43% margin in from the first mandatory respondent, Companhia Siderurgica Nacional. However, some information from a different correspondent was not available bringing the margin up to 35.43%. Nonetheless, the final dumping margin was presented at 14.43%.
The Department also reported the results of the investigations in the other countries. In India, the dumping margin was found to be slightly lower at 7.60% the dumping margin for Korea was 20.33% while Russia’s margin was 13.36%. The UK had the highest dumping margin at 22.92%. The Department of Commerce also reported the results of countervailing duty investigations. Brazil had a subsidy rate of 11.20%, India’s CVD results came in at 10% while that of Korea was 3.91%. The reports for Russia indicated an average 6.95% CVD.
