Boston, MA 08/28/2014 (wallstreetpr) – In light of the complaint filed by AK Steel Holding Corporation (NYSE:AKS), Allegheny Ludlum Corp as well as the United Steelworkers union, the authorities in the States decided to call off planned import duties on certain special kind of steel from Poland, Germany and Japan. The decision came after satisfaction of the U.S. International Trade Commission, which found out that the imports will not have any repercussions on the local industry of country.
Prior Imposition of Anti-Dumping Duties
It is important to note that the Department of Commerce had earlier established anti-dumping duties on grain-oriented electrical steel import. Most of it was made for use in mid-sized and large-scale electrical power transformers. However, vote by the U.S. International Trade Commission put a full stop to the entire case finally.
Companies Affected by the Decision
The decision has affected various companies, which also include Germany based ThyssenKrupp Electrical Steel, a division of ThyssenKrupp AG (OTCMKTS:TYEKY), Nippon Steel & Sumitomo Metal Corp along with JFE Steel Corp. all these companies had been a part of the entire dispute.
The Japan Steel Information Center Welcomes Decision
The decision taken up by U.S. ITC has been welcomed wholeheartedly by the Japan Steel Information Center. It is the public affairs lobby of Japanese steel industry, based in the U.S. Duties on the import of specialized steel from Japan, Germany and Poland would have affected the industry in these three countries. The authorities, in the meanwhile, were considering another angle of repercussions to the local steel industry in this country, which gave birth to the dispute.
Quite interestingly, in the previous year, imports which came from Germany totalled at a value of approximately $4.1 million. On the other hand, imports from Japan and Poland were valued at $41.1 million and $1.9 million, respectively. The value of import was calculated by the U.S. Commerce Department data.
