US finds dumping, subsidies in wire rod imports from five nations, including Turkey

WASHINGTON-Reuters

The U.S. Commerce Department said on March 20 it had made final findings in dumping and subsidy investigations of carbon and alloy steel wire rod sold in U.S. markets from Italy, South Korea, Spain, Turkey and Britain.

The decision, subject to a finding the imports hurt U.S. producers, will let Commerce impose tariffs of up to 147.63 percent for five years.

The action followed petitions filed last year on behalf of Gerdau Ameristeel US Inc of Florida, a unit of Metalurgica Gerdau SA, Nucor Corp of North Carolina, Keystone Consolidated Industries of Texas and Charter Steel of Wisconsin.

Wire rod is a hot-rolled intermediate steel product used in a variety of goods.

Exporters from Italy, South Korea, Spain, Turkey and Britain sold wire rod at 12.41 percent to 18.89 percent, 41.10 percent, 11.08 percent to 32.64 percent, 4.74 percent to 7.94 percent and 147.63 percent less than fair value, respectively, Commerce said in a statement.

It also found Italy and Turkey provided counter-available subsidies to producers at rates of 4.16 percent to 44.18 percent and 3.81 percent to 3.86 percent, respectively.

In 2016, imports of wire rod from Italy, South Korea, Spain, Turkey and Britain were estimated at $12.2 million (£8.8 million), $45.6 million, $40.7 million, $41.4 million and $20.5 million, respectively.

If the International Trade Commission finds the imports injure U.S. producers, the Commerce Department will impose the tariffs for five years. The ITC is due to make its determination around May 3.