U.S. slaps anti-dumping duties on S. Korean steel

S.Korean cold-rolled steel is the latest in a series of products being slapped with anti-dumping duties in the U.S.

The U.S. Department of Commerce on Friday decided to impose anti-dumping tariffs on S.Korean cold-rolled steel sheets. POSCO faces a 64.7 percent duty and Hyundai Steel 38.2 percent.

Earlier the U.S. International Trade Commission slapped anti-dumping duties of up to 48 percent on S.Korean non-corrosive steel products. That means POSCO will have to pay an additional 31.7 percent, Hyundai Steel 47.8 percent and Dongkuk Steel Mill 8.75 percent.

In March, the Commerce Department also imposed a 3.8-percent anti-dumping duty on S.Korean steel beams.

POSCO and Hyundai Steel exported 160,000 tons or around US$130 million worth of cold-rolled steel sheets to the U.S. last year.

There are concerns that the anti-dumping levies could expand to other steel products. Altogether S.Korean steel makers exported 3.96 million tons of steel products to the U.S. last year worth $3.1 billion.

Last week the U.S. also slapped heavy anti-dumping duties on S.Korean washing machines.

(THE CHOSUNILBO)