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(LEAD) U.S. slaps no antidumping duty on S. Korean steel products

Economy 14:14 July 08, 2020

(ATTN: UPDATES with comments by POSCO and Hyundai Steel and details in paras 5-6)

SEOUL, July 8 (Yonhap) -- The U.S. Department of Commerce has decided not to impose antidumping duty on cold-rolled steel from POSCO and Hyundai Steel Co., in a move that could help boost their exports to the U.S.

The department said it determined that South Korea's two biggest steelmakers did not sell cold-rolled steel in the United States at prices below normal value during the period of review, from September 1, 2017 through August 31, 2018.

"For these final results, we have calculated 0.00 percent weighted-average dumping margins for both Hyundai and POSCO," the department said in the final results of antidumping duty review.

The flag of South Korean steelmaker POSCO (Yonhap)

The move came eight months after the department published its preliminary results of the administrative review in the case.

POSCO and Hyundai Steel said the U.S. decision could have a positive effect on exports of their steel products to the U.S., but Hyundai Steel said any increase in the volume of its exports of cold-rolled steel to the U.S. could be limited by an export quota under Section 232 of the U.S. Trade Expansion Act.

POSCO and Hyundai Steel shipped 40,000 tons and about 30,000 tons of cold-rolled steel to the U.S. during the review period, respectively.

Cold-rolled steel is used in the manufacture of cars and electronic products.

Hyundai Steel Co.'s steelmaking factory in Dangjin, about 120 kilometers south of Seoul (Yonhap)

entropy@yna.co.kr
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