Boston, MA 08/25/2014 (wallstreetpr) – Integrated steel producer of tubular and flat-rolled products, United States Steel Corporation (NYSE:X) had responded to the International Trade Commission’s or ITC final decision of imposing anti-dumping duty against oil country tubular goods or OTCG, which were dumped in the U.S.
CEO Comments
The company disclosed that its President and Chief Executive Officer, Mario Longhi, had welcomed the ITC’s final vote to slap anti-dumping duties against six of the nine nations, which were dumping OTCG. While South Korea was included in the list of six countries, Saudi Arabia was excluded due to a changed final determination from the Commerce Department apart from the Philippines and Thailand since ITC reached a negative determination for these two nations.
United States Steel Corporation (NYSE:X) said that it was satisfied more by the fact that the favorable vote would ensure a challenging and reasonable OCTG market for both the American manufacturers, as well as, workers. The company also disclosed that it would continue its own way for sustainable profitability apart from meeting customers’ supply through novel steel solutions. However, it would pursue meaningful and transformative changes to the trade laws to make sure that fairness not only exists for all but also preserved thus leading to a happier future for the American steel industry.
The Voting
United States Steel Corporation (NYSE:X) stated that the ITC’s painstaking and meticulous investigation led to the final affirmative vote since it had fully recognized that the six nations had imported OTCG through unethical methods, which only led to market distorting prices. These nations accounted for 90% of unlawfully traded imports and reached the American market in 2013.
United States Steel blamed these nine nations for causing severe damages to the U.S. economy and the Steel market in the U.S. The company CEO said that orders for their OTCG were reduced as a result of these nine countries’ actions. The Steel mills were forced to remain idle, which, in turn, led to the loss of jobs for the Americans.
