© Reuters. FILE PHOTO: Iron workers install steel beams during a hot summer day in New York

By David Shepardson

WASHINGTON (Reuters) – The U.S. Commerce Department announced Tuesday it will open a new anti-dumping probe to determine whether fabricated structural steel from Canada, China and Mexico is being sold at below fair value.

The investigation comes as some U.S. lawmakers, car companies and Canada and Mexico have strongly urged the Trump administration to drop U.S. national security tariffs on steel and aluminum imports in the wake of a deal announced last year to revise the North American Free Trade Agreement.

The fabricated structural steel under investigation is used major building projects, including commercial, office and residential buildings, arenas, convention centers, parking decks and ports.

The Commerce Department said Tuesday the new anti-dumping and countervailing duty probe is based on a petition filed earlier this month by a U.S. steel trade group. The department is investigating whether to seek duties of about 30 percent for Canada and Mexico and 222 percent for China in response to below-market price imports.

The Commerce Department said final determinations for the probe are expected by the end of September.

In 2017, imports of fabricated structural steel from Canada, China, and Mexico were valued at an estimated $658.3 million, $841.7 million, and $406.6 million, respectively. A preliminary determination on the issue is due from the International Trade Commission by March 21.

The Commerce Department alleges there are 44 subsidy programs for Canadian fabricated structural steel, including tax programs, grant programs, loan programs, export insurance programs, and equity programs. There are also 26 subsidy programs for China and 19 subsidy programs for Mexico, according to the agency.

Earlier this month, a Canadian steel industry group said it would strongly oppose a petition urging anti-dumping duty on certain steel imports from Canada.

The Canadian Institute of Steel Construction said the allegations by the U.S. group “that these products from Canada are unfairly traded and cause injury to U.S. producers of fabricated steel products are baseless.”

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Source link